MI HB6054

Creates the Personal Property Tax Reimbursement Fund within the state treasury to reimburse local taxing units and tax increment financing authorities for revenue lost due to exemptions of industrial, commercial, and eligible manufacturing personal property effective after December 30, 2012.

Establishes reimbursement thresholds: local taxing units receive reimbursement when revenue loss exceeds 2% of their 2012 governmental funds revenue, while economically distressed units receive reimbursement when loss exceeds 1%.

Requires the Department of Treasury to estimate annual revenue losses by category of political subdivision starting in fiscal year 2016, considering debt mill losses and lost tax increment financing capture, and to publish methodology on its website.

Mandates the legislature appropriate to the fund at minimum the amount estimated by Treasury for each category of political subdivision, with payments distributed annually to eligible local taxing units and authorities.

Requires local taxing units and tax increment financing authorities to submit documentation to Treasury by specified deadlines, including 2012 baseline tax data, governmental funds revenue calculations, and debt mill information to establish eligibility.