State management: funds; revenue sharing trust fund; create. Amends 2000 PA 489 (MCL 12.251 - 12.262) by adding secs. 11a & 11b. TIE BAR WITH: SB 0561'25, SB 0912'26
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill establishes a new Revenue Sharing Trust Fund within the Department of Treasury. Beginning in October 2025, the fund will receive money from general sales tax revenue, donations, and investment earnings. The state treasurer will then distribute funds to cities, villages, and townships, and counties, based on a formula that considers taxable value, unit type population, and yield equalization, aiming to provide a more equitable distribution of state revenue.
Key provisions
- Creates the Revenue Sharing Trust Fund within the Department of Treasury.
- Establishes funding sources for the trust fund: general sales tax revenue, donations, and investment earnings.
- Directs the state treasurer to invest the trust fund's assets.
- Distributes funds to cities, villages, and townships based on taxable value, unit type population, and yield equalization.
- Distributes funds to counties based on taxable value, unit type population, and yield equalization.
- Provides for prorated distributions if the trust fund balance is insufficient to meet appropriations.
- Specifies payment dates for distributions.
- Requires an annual appropriation directing the state treasurer to transfer funds from the trust fund.
Who is affected
- Cities
- Villages
- Townships
- Counties
- State Treasury Department
Notable changes
Bill text
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- Senate Introduced Bill
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