Form 2699 - Statement Of "Qualified Personal Property" By A "Qualified Business" - 2011 Page 2
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2Form 2699, Page 2
Instructions for Completing Form 2699, 2011 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 after
provided this form is completed and filed with the
December 31, 1993. Additionally, the agreement
assessor no later than February 1, 2011. Read the
must meet the following four (4) requirements:
following instructions to determine whether you are a
"qualified business" and whether your personal property
(a) It must be for a noncancelable term of 12
is "qualified personal property."
months or more.
(1) DEFINITIONS:
(b) The party that becomes the user or possessor
of the personal property must be engaged in a
"Qualified Business" is a business that meets the
for-profit business.
following two (2) requirements:
(c) The user or possessor can obtain legal title to
(A) It is a for-profit business.
the property by making all of the periodic
payments or by making all of the periodic
(B) It obtains services relating to the business from 30
payments plus a final payment if the final
or fewer employees during a week selected at
payment is less than the true cash value of the
random by the State Tax Commission no later than
property. The true cash value is determined by
January 15, 2010. "Employees" means persons who
using the personal property multipliers on Form
perform a service for wages or other remuneration
632 (L-4175), Personal Property Statement.
under a contract of hire, written or oral, expressed
or implied. "Employees" includes employees of
(d) The agreement must require the user or
independent contractors performing services
possessor of the property to report the
substantially similar to employees. If a person is
properties to the assessor on a personal
an entity under common control or is a member of
property statement on or before February 20
an affiliated group as those terms are defined below,
and must require the user to pay the property
the number of employees from whom services are
tax.
obtained includes all employees of the group and of
independent contractors of the group rendering
(2)
If the "qualified business" is the manufacturer of
services to the qualified business.
the personal property that is made available for use
by another, the "qualified business" must report the
An "affiliated group" means 2 or more corporations,
original selling price in the "Purchase Price" column.
1 of which owns or controls, directly or indirectly,
If there is no original selling price, the qualified
80% or more of the capital stock with voting rights
business must report the original cost. See also
of the other corporation or corporations.
instruction # 3.
An "entity under common control" - is as defined in
(3) Purchase price must include sales tax, freight, and
the Michigan Revenue Administrative Bulletin 1989-
installation.
48. You may obtain a copy from Treasury's website
at or by calling 1-800-
(4) The location of the property is as indicated in the
367-6263.
records of the "qualified business."
"Qualified Personal Property" is property that meets the
(5) You may list "Mo" for monthly or "Yr" for yearly.
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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