PERS. PROPERTY TAX: AG. CO-OP - S.B. 830 (S-1): FLOOR ANALYSIS
Senate Bill 830 (Substitute S-1 as reported)
Sponsor: Senator Ken Sikkema
Committee: Finance
CONTENT
The bill would amend the General Property Tax Act to exempt from the tax the personal property of a farmers' cooperative, if the property would be exempt under Section 9(j) if owned by a member of that cooperative. Section 9(j) exempts from the tax personal property actually used in agricultural operations, and farm implements held for sale or resale by retail servicing dealers for use in agricultural production.
The bill provides that "farmers' cooperative" would mean a farmers' cooperative corporation organized within the limitations of Section 98 of Public Act 327 of 1931. Public Act 327 provides for the organization, regulation, and classification of corporations, and Section 98 provides for the organization of cooperative corporations.
MCL 211.9 - Legislative Analyst: G. Towne
FISCAL IMPACT
Data are not available to accurately determine the fiscal impact.
Date Completed: 11-3-99 - Fiscal Analyst: R. RossFloor\sb830 - Bill Analysis @ http://www.state.mi.us/sfa
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.