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MI HB6023
Bill
Status
12/27/2012
Primary Sponsor
Judson Gilbert
Click for details
AI Summary
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Directs $341,000,000 of business tax revenue to the school aid fund in fiscal year 2007-2008, with remaining balance deposited into the general fund
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Increases school aid fund allocation to $729,000,000 in fiscal year 2008-2009, with annual adjustments through fiscal year 2010-2011 based on U.S. consumer price index growth
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Reduces school aid fund distributions by amounts distributed from use tax collections under MCL 205.93f for fiscal years 2007-2008 through 2010-2011
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Directs all business tax revenue collected after fiscal year 2010-2011 to be deposited entirely into the general fund, effectively ending school aid fund allocations
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Act is retroactive and effective October 1, 2011; approved and filed December 20, 2012
Legislative Description
Michigan business tax; revenue distribution; revenue earmarked into the school aid fund; sunset after fiscal year 2010-2011. Amends sec. 515 of 2007 PA 36 (MCL 208.1515).
School aid, other
Last Action
Assigned Pa 405'12 With Immediate Effect
12/27/2012