Sec. 105.
A domestic credit union is exempt from taxation by this state or a political subdivision of this state except property taxes on real property. The shares of a domestic credit union are not subject to a stock transfer tax when issued by the credit union or when transferred from 1 member to another.
History: 2003, Act 215, Eff. June 1, 2004
Structure Michigan Compiled Laws
Act 215 of 2003 - Credit Union Act (490.101 - 490.601)
Article 1 - General Provisions (490.101...490.105)
Section 490.101 - Short Title.
Section 490.102 - Definitions; a to I.
Section 490.103 - Definitions; M to S.
Section 490.105 - Domestic Credit Union; Exemption From Tax; Exception; Stock Transfer Tax.