Watercraft: other; watercraft eligible for issuance of certificate of title transferring deceased owner's interest; increase maximum value of, subject to Consumer Price Index. Amends sec. 80312 of 1994 PA 451 (MCL 324.80312).
Impact
The bill specifically sets a maximum value for the watercraft subject to these provisions, starting at $100,000 for past years and increasing to $300,000 for the years 2024 and 2025. From 2026 onwards, this maximum will be adjusted annually based on the Consumer Price Index. This change is significant as it modernizes state law to reflect current economic conditions, thereby making it easier for heirs to claim ownership of valuable assets without lengthy legal processes. Additionally, it ensures that the Secretary of State has a clear framework for managing these requests efficiently.
Summary
House Bill 4419 is an amendment to the 1994 Public Act 451, which governs the regulations concerning the environment and natural resources in the state of Michigan. The primary focus of this bill is to streamline the process of issuing a certificate of title for watercraft that have been transferred as part of an estate after the owner's death. Key provisions include adjustments that allow for the transfer of ownership under certain circumstances, such as inheritance or repossession, and clearer guidelines for individuals who may seek title to watercraft they do not own but are entitled to due to the death of the registered owner.
Sentiment
The sentiment around HB4419 appears to be largely positive, with unanimous support reflected in the voting, where it passed with 38 yeas and no nays during its Senate reading. Proponents of the bill appreciate the clarity and expedience it provides to a somewhat complicated area of law regarding property transfer after death. This aligns well with efforts to simplify legal procedures for individuals mourning their losses, thereby reducing their burden during an already challenging time.
Contention
While the bill enjoys broad support, some concerns may arise regarding the potential for beneficiaries to inaccurately report the ownership values of watercraft or the necessary proof of ownership and death, which could complicate the estate settlement process. The bill establishes priority for title transfers, which could potentially lead to disputes among heirs if not carefully managed. Nevertheless, the intent of the bill remains focused on facilitating rightful ownership transfer in a timely manner.
Vehicles: title; transfer of ownership of vehicle to surviving spouse or heir after owner's death; modify maximum value and adjust for cost of living. Amends sec. 236 of 1949 PA 300 (MCL 257.236).
Vehicles: off-road; electronic transfer of title or interest in off-road vehicle or watercraft; provide for. Amends secs. 80304 & 81105 of 1994 PA 451 (MCL 324.80304 & 324.81105).
Vehicles: off-road; electronic transfer of title or interest in off-road vehicle or watercraft; provide for. Amends secs. 80304 & 81105 of 1994 PA 451 (MCL 324.80304 & 324.81105).
Vehicles: registration; vehicle registration of deceased vehicle owner; allow next of kin to renew under certain circumstances, and modify procedures regarding deceased lessees. Amends sec. 236 of 1949 PA 300 (MCL 257.236).
Environmental protection: other; general amendments to fees in the natural resources and environmental protection act; modify. Amends secs. 3122, 4112, 5522, 11525a, 17303, 17317, 80130, 80315, 81114 & 82156 of 1994 PA 451 (MCL 324.3122 et seq.).
Vehicles: off-road; electronic transfer of title or interest in off-road vehicle or watercraft; provide for. Amends secs. 80304 & 81105 of 1994 PA 451 (MCL 324.80304 & 324.81105).
Vehicles: off-road; electronic transfer of title or interest in off-road vehicle or watercraft; provide for. Amends secs. 80304 & 81105 of 1994 PA 451 (MCL 324.80304 & 324.81105).
Establishing the veterans' valor property tax relief act providing for an income tax credit or refund for eligible individuals, increasing the tax credit amount for household and dependent care expenses, modifying the definition of household income and increasing the appraised value threshold for eligibility of seniors and disabled veterans related to increased property tax claims and citing the section as the homeowners' property tax freeze program, providing a property tax rebate for certain business property operated in competition with property owned or operated by a governmental entity, providing property tax exemptions for certain personal property including watercraft, marine equipment, off-road vehicles, motorized bicycles and certain trailers, excluding internal revenue code section 1031 exchange transactions as indicators of fair market value, providing for certain exclusions from the prohibition of paying taxes under protest after a valuation notice appeal and providing four prior years' values on the annual valuation notice.