A bill to amend 1966 PA 134, entitled “An act to impose a tax upon written instruments which transfer any interest in real property; to provide for the administration of this act; and to provide penalties for violations of this act,” by amending section 5 (MCL 207.505).
The bill proposes exemptions for certain types of instruments and transfers, including those under $100 in value, those involving land outside the state, those prohibited from taxation by the U.S. Constitution or federal statutes, security-related instruments, leases, personal property interests, underground gas storage rights, governmental and foreclosure-related instruments, spousal transfers, court judgments without specified monetary consideration, boundary adjustments, title confirmations, land contracts pending full payment, mineral rights transfers, and certain joint tenancies.
Introduced
by
Referred to the Committee on Government Operations
