GOOD NEWS SB 0540 (2017) – WRITE YOUR SENATORS

Good news!  Yesterday, Senate Bill 0540 (2017) was introduced by Senator Tonya Schuitmaker, and the Bill has been referred to the Committee on Local Government.  Senate Bill 0540 updates the statutory definition of a “transfer of ownership” for uncapping purposes, and modifies certain excluded transfers to include a limited liability company (LLC) membership interest to close family members.  We have been working for some time to include a transfer of an LLC membership interest to close family members as an exempt transfer, and this will be a great step forward for families that own vacation property and use an LLC for management purposes.  We believe this was the intention of the original change in the law that allowed for transfers of real property to close family members without uncapping property value for property tax purposes.

Please show your support by writing your Senator, or the Senator for the area where you own vacation property in Michigan.  The Committee on Local Government includes Senators Robertson (C), Meekhof (VC), Brandenburg and Young (MVC).  The Committee Clerk can be reached at (517) 373-5323, and the Committee meets on Wednesday afternoons.

We will continue to follow this Bill and update you as it proceeds.

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