MI SB0419

Expands allowable uses of school district sinking fund taxes to include purchase or major maintenance of school buses and acquisition or upgrading of technology, in addition to existing uses for school building construction and repair.

Changes property tax valuation reference from "state equalized valuation" to "taxable value of the real and personal property" for sinking fund tax calculations.

Establishes maximum levy periods: 20 years for building-related sinking funds and 10 years for school bus and technology sinking funds (removes previous unlimited authorization).

Requires school districts levying sinking fund taxes to conduct annual independent audits, submit annual reports to the Department of Treasury and legislature, and post reports on their websites detailing fund uses; districts misusing funds must repay from operating budgets and lose future sinking fund authority.

Mandates Department of Treasury establish reporting requirements within 180 days to ensure fiscal transparency, cost containment measures identification, and benchmarks for measuring project effectiveness.