MI SB0927

Exempts qualified heavy equipment property from property tax collection for taxes levied after December 31, 2017

Defines qualified heavy equipment property as construction, earthmoving, or industrial equipment that is mobile and rented, including attachments and ancillary equipment

Equipment must not be permanently affixed to real property and must be movable among worksites to qualify for the exemption

Limits exemption to qualified renters whose businesses generate over 51% of annual revenue from renting heavy equipment

Qualified renters must be classified under North American Industry Classification System codes 532412 or 532310 (construction and equipment rental businesses)