What must all personal property be to qualify as either Qualified New or Qualified Previously Existing Personal Property?

To qualify as either Qualified New or Qualified Previously Existing Personal Property in Michigan, it is essential for the property to be classified as Eligible Manufacturing Personal Property. This classification is critical because it specifically addresses the types of personal property that are eligible for specific tax treatment under Michigan law.

Eligible Manufacturing Personal Property includes machinery and equipment used in the manufacturing process, which aligns with the state's efforts to encourage industrial development and investment. These classifications help streamline regulations and provide tax exemptions or reductions, incentivizing businesses to invest in new or existing manufacturing assets.

The other options focus on criteria that do not necessarily meet the specific legislative definitions required for qualifying personal property in the context of this tax classification. For instance, while operational and generating revenue may sound like a reasonable condition, it does not directly correlate to the property being recognized as Eligible Manufacturing Personal Property. Thus, the specific classification is a fundamental criterion for qualification.