HB 4960
State management: funds; lapse of certain unspent funds to the general fund; provide for. Amends sec. 3a of 2000 PA 489 (MCL 12.253a).
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill changes how funds are managed within the Local Government Reimbursement Fund, which is used to compensate Michigan cities for lost revenue due to property tax exemptions. Specifically, it requires any unspent funds at the end of the fiscal year to be transferred to the state’s general fund. The Department of Treasury will be responsible for distributing these funds to cities that experienced revenue losses due to these exemptions, with payments prorated if necessary.
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