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60 chapters · 469 sections in this title.
Mich. Comp. Laws § 211.1001 Short title.
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Sec. 1. This act shall be known and may be cited as the "agricultural property recapture act".
Mich. Comp. Laws § 211.1002 Definitions.
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Sec. 2. As used in this act: (a) "Benefit period" means the period in years between the date of the first exempt transfer and the conversion by a change in use, not to exceed the 7 years immediately preceding the year in which the qualified agricultural property is converted by a…
Mich. Comp. Laws § 211.1003 Agricultural property recapture tax; imposition.
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Sec. 3. (1) Beginning January 1, 2001, the agricultural property recapture tax provided under section 4 is imposed as provided in this section if the property meets all of the following conditions: (a) The property was transferred after December 31, 1999. (b) The taxable value of…
Mich. Comp. Laws § 211.1004 Agricultural property recapture tax or benefit received on property.
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Sec. 4. The recapture tax imposed under section 3 is the benefit received on that property.