MI SB0821

Creates the Local Community Stabilization Authority as a metropolitan government authority governed by a 5-member council appointed by the governor to perform multipurpose functions across Michigan metropolitan areas.

Grants the authority exclusive power to levy a local community stabilization share under the use tax at rates specified in the Use Tax Act, with the Department of Treasury administering collection on behalf of the authority.

Establishes a distribution system for use tax revenue prioritizing reimbursement to municipalities for school debt loss, operating losses, and funding of essential services (police, fire, ambulance, jail operations) lost due to industrial and commercial personal property tax exemptions.

Requires municipalities and county assessors to report taxable values of commercial and industrial personal property annually to the Department of Treasury to calculate eligible distributions based on property tax exemption losses.

Repeals the Michigan Metropolitan Areas Metropolitan Authority Act of 2012 and makes the act effective only if Senate Bill 822 is approved by voters at the August 2014 election.