MI SB0587

Levies excise taxes on room charges for convention hotels with more than 80 rooms at rates of 1.5-6% depending on hotel size and location, with higher rates in qualified local governmental units.

Creates the convention facility development fund to receive tax collections for acquiring, constructing, improving, or leasing convention facilities and related expenses.

Distributes fund revenue monthly to qualified local governmental units for debt service on convention facility bonds and operational costs, with specific annual allocations to metropolitan authorities ($11 million for FY2010-2011, declining to $5 million by FY2018).

Limits bond issuance to $180 million for units becoming qualified before May 1, 2008; $299 million for metropolitan authorities; and $154 million for building authorities, excluding refunding bonds and reserves.

Appropriates $9 million from the 21st Century Jobs Trust Fund for FY2010 and establishes contingent effectiveness on concurrent enactment of HB 4998, SB 586, and SB 588.