SB 0565
Property tax: exemptions; fund from which municipalities are reimbursed for certain revenue lost due to the small business property tax exemption; modify to require that unused funds lapse to the general fund. Amends sec. 3a of 2000 PA 489 (MCL 12.253a).
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This law changes how money is used to reimburse Michigan cities and towns that lose property tax revenue due to the small business property tax exemption. Currently, any unused funds in the local government reimbursement fund automatically go to the state’s general fund. This bill requires that any remaining funds at the end of the fiscal year also lapse to the general fund, ensuring that money is only used for compensating local governments when it’s needed.
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