MI HB4009

Allows school districts to use sinking fund tax revenues for the acquisition or upgrading of technology in addition to existing purposes of purchasing real estate and constructing or repairing school buildings.

Changes the valuation basis for calculating the sinking fund tax levy from "state equalized valuation" to "taxable value" of real and personal property in the school district.

Requires school districts that levy a sinking fund tax to conduct annual independent audits and submit reports to the Department of Treasury, with penalties for misuse including repayment of funds and prohibition on future sinking fund tax levies.

Permits sinking fund tax levies up to 5 mills for periods not exceeding 20 years, subject to the 15 mill tax limitation under the state constitution and the property tax limitation act.

Defines "technology" by reference to the definition in section 1351a of the school code.