MI HB4834

Establishes a property tax exemption for qualified heavy equipment rental personal property beginning December 31, 2022, provided proper exemption claims are filed annually with local assessing units.

Requires qualified renters to file annual exemption statements by February 20 with township or city assessors listing all qualified equipment locations and rental business addresses, with late filings allowed before the March board of review.

Defines qualified renters as businesses in construction equipment or general rental industries (NAICS codes 532412 or 532310) that receive more than 50% of annual gross receipts from renting mobile heavy equipment to the public.

Equipment must be permanently labeled with the renter's name and business location or include identification information in the exemption claim, and cannot qualify for exemptions under other sections (9m, 9n, or 9o) if claimed under this provision.

Subjects fraudulent exemption claims to penalties under section 21(2), requires assessors to transmit claimed exemption information to the Department of Treasury by April 1, and treats exemption claim information as confidential taxpayer information.