MI SB1092

State shall reimburse intermediate school districts annually for all tax revenue lost from property exemptions under the Renaissance Zone Act, based on taxable value and applied to section 625a education taxes, area vocational-technical program taxes, and special education operating taxes.

State shall reimburse local school districts annually for all tax revenue lost from property exemptions under the Act from taxes levied under section 1211 of the revised school code.

State shall reimburse community college districts and public libraries annually for all tax revenue lost from property exemptions, based on taxable value, from general property taxes.

Intermediate school districts, community college districts, public libraries, and local school districts must report revenue losses to the Department of Treasury on dates determined by the department to claim reimbursement.

State shall reimburse the school aid fund for all revenues lost from renaissance zone establishment, with reimbursements subject to appropriation; for fiscal year 2009-2010 only, if appropriations are insufficient, payments shall be prorated among all eligible entities.