MI SB1061

Establishes state payments in lieu of taxes to local governments for up to 10 years following federal purchase of lands for Sleeping Bear Dunes National Lakeshore, based on pre-transfer equalized valuation and tax rates.

Reduces annual payments by 1/10 each year over the 10-year period, with the state treasurer determining equalized valuations and calculating payments to each affected taxing unit.

Requires proportional distribution of appropriated funds among all local units if the appropriated amount is insufficient to cover all required payments.

Extends the payment formula to state-owned lands transferred under the act for which payments were previously made under former 1925 PA 91 or the Natural Resources and Environmental Protection Act.

Maintains annual payments for 10 years at the transfer-time rate for state-owned lands previously covered under former 1917 PA 116.