Form 2699 - Statement Of Qualified Personal Property By A Qualified Business - 2014 Page 2
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22699, Page 2
Instructions for Completing Form 2699, 2014 Statement of
“Qualified Personal Property” by a “Qualified Business”
“Qualified personal property” made available by a
(B)
It is property that is subject to an agreement
“qualified business” may be assessed to its user
(frequently titled a lease) entered into
provided this form is completed and filed with the
after
December 31, 1993. Additionally,
assessor no later than February 1, 2014. Read the
the agreement must meet the following four (4)
following instructions to determine whether you are
requirements:
a “qualified business” and whether your personal
property is “qualified personal property.”
(a)
It must be for a noncancelable term of 12
months or more.
(1) DEFINITIONS:
(b)
The party that becomes the user or possessor
“Qualified Business” is a business that meets the
of the personal property must be engaged in a for-profit
following two (2) requirements:
business.
(A) It is a for-profit business.
(c)
The user or possessor can obtain legal title
to the property by making all of the periodic payments
•
(B) It obtains services relating to the business
or by making all of the periodic payments plus a final
from 30 or fewer employees during a week selected
payment if the final payment is less than the true cash
at random by the State Tax Commission no later than
value of the property. The true cash value is determined
January 15, 2014. “Employees” means persons who
by using the personal property multipliers on Form 632
perform a service for wages or other remuneration under
(L-4175), Personal Property Statement.
a contract of hire, written or oral, expressed or implied.
“Employees” includes employees of independent
(d) The agreement must require the user or possessor
contractors performing services substantially similar
of the property to report the properties to the assessor
to employees. If a person is an entity under common
on a personal property statement on or before February
control or is a member of an affiliated group as those
20 and must require the user to pay the property tax.
terms are defined below, the number of employees from
whom services are obtained includes all employees of
(2) If the “qualified business” is the manufacturer of
the group and of independent contractors of the group
the personal property that is made available for use
rendering services to the qualified business.
by another, the “qualified business” must report the
original selling price in the “Purchase Price” column. If
An “affiliated group” means 2 or more corporations, 1
there is no original selling price, the qualified business
of which owns or controls, directly or indirectly, 80% or
must report the original cost. See also instruction # 3.
more of the capital stock with voting rights of the other
corporation or corporations.
(3) Purchase price must include sales tax, freight,
and installation.
An “entity under common control” — is as defined in
the Michigan Revenue Administrative Bulletin 1989-
(4) The location of the property is as indicated in the
48. You may obtain a copy from Treasury's website
records of the “qualified business.”
at
(5) You may list “Mo” for monthly or “Yr” for yearly.
“Qualified Personal Property” is property that meets
the following two (2) requirements:
(A) It is property on which a retail sales tax has been
paid or on which liability accrued at the same time as
the user acquired possession of the property or on
which sales tax would be payable if the property was
not exempt from the tax.
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