MI HB5492

Establishes a combined state and local use tax rate of 7% on tangible personal property and services, effective October 1, 2015.

Creates a "local community stabilization share" portion of use tax revenue to be collected by an authority separate from state funds, with specified revenue targets ranging from $96.1 million in fiscal year 2015-2016 to $572.6 million by fiscal year 2027-2028.

Exempts gasoline and diesel fuel used on public roads from use tax beginning October 1, 2015.

Directs distribution of use tax collections: 12.3% of state share revenues deposited into the state school aid fund after other allocations, while local community stabilization share revenues transmitted to the authority for local uses.

Takes effect October 1, 2015, contingent upon passage of House Joint Resolution UU and enactment of House Bills 4539 and 5477.