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MI HB6470
Bill
Status
11/7/2018
Primary Sponsor
Brian Elder
Click for details
AI Summary
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Increases the maximum value threshold for watercraft eligible for simplified title transfer upon owner's death from $100,000 to $300,000, effective January 1, 2019.
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Implements annual cost-of-living adjustments to the $300,000 threshold beginning January 1, 2019, using the U.S. Consumer Price Index with 2016 as the base year, rounded to the nearest $1,000.
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Allows the Department of Treasury to certify and publish the adjusted dollar amount for each calendar year.
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Defines "cost-of-living adjustment factor" as the ratio of the prior year's Consumer Price Index for All Urban Consumers to the 2016 index.
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Updates statutory reference from MCL 700.8102 to MCL 700.8206 in the Estates and Protected Individuals Code citation.
Legislative Description
Watercraft; other; watercraft eligible for issuance of certificate of title transferring deceased owner's interest; increase maximum value of, subject to Consumer Price Index. Amends sec. 80312 of 1994 PA 451 (MCL 324.80312).
State agencies (existing): state
Last Action
Per Rule 41 Referred To Committee On Judiciary
11/8/2018