MI SB1072

Creates the Personal Property Tax Reimbursement Act to reimburse local taxing units and tax increment financing authorities for revenue losses from exemptions of commercial and industrial personal property effective after December 30, 2012.

Establishes the Personal Property Tax Reimbursement Fund within state treasury, administered by the Department of Treasury, to hold and disburse reimbursement payments.

Requires local taxing units to submit documentation within 180 days of their 2012 fiscal year end detailing debt mills levied and taxes collected on commercial and industrial personal property.

Beginning in fiscal year 2013, legislature shall appropriate funds equal to debt mill loss and voter-approved qualified mill loss; beginning in fiscal year 2016, appropriations shall at minimum equal revenue loss estimates exceeding 2% of general fund revenue (1% for economically distressed units).

Department of Treasury must submit estimates and methodology to legislative appropriations committees; revenue funding is anticipated to come from elimination of certain tax expenditures upon expiration of certificated credits.