HB 4833 Summary

• Levies a 2% specific tax on rentals of qualified heavy equipment beginning January 1, 2023, collected by qualified renters from customers and remitted to the Department of Treasury.

• Establishes the qualified heavy equipment rental personal property exemption reimbursement fund to receive all tax proceeds, with $400,000 annually allocated to the Department for administrative costs.

• Distributes remaining fund revenues 90% to eligible local tax collecting units based on tax collected from qualified renter business locations in those units, with distributions then allocated to taxing units based on millage rates.

• Requires qualified renters to submit quarterly reports by April 30, July 31, October 31, and January 31, with penalties of 3% per month (maximum 21%) for late payments and allows department audits covering current and prior 3 calendar years.

• Permits the Department to rescind property exemptions under MCL 211.9p if taxes and penalties are not paid within 90 days or if property is determined ineligible, with amended tax bills issued by local treasurers within 60 days of rescission.