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Code · Michigan · Chapter 324 — Natural Resources and Environmental Protection

324.61722 Unit production or proceeds not income of unit; unit as administrative agent only.

118 words·~1 min read·/mi/chapter-324/324-61722

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324.61722 Unit production or proceeds not income of unit; unit as administrative agent only.
Sec. 61722.
The unit production, proceeds from the sale of the unit production, or other receipts shall not be treated, regarded, or taxed as income or profits of the unit; but instead all receipts shall be the income of the several persons to whom or to whose credit the receipts are payable under the plan of unitization. To the extent the unit may receive or disburse the receipts, it shall do so only as a common administrative agent of the person to whom the receipts are payable.
History: Add. 1995, Act 57, Imd. Eff. May 24, 1995
Popular Name: Act 451
Popular Name: NREPA
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