MI HB4556

Establishes definitions and calculations for distributing local community stabilization share revenue to municipalities based on property tax losses from industrial and commercial personal property exemptions enacted in 2014.

Requires assessors and county equalization directors to report taxable values of commercial and industrial personal property to the Department of Treasury, with initial reports due June 2014 and subsequent annual reports thereafter.

Distributes local community stabilization share revenue to municipalities in prioritized order: first for school debt loss and operating losses, second for essential services funding (ambulance, fire, police, jail operations), and third for remaining qualified losses based on acquisition cost calculations.

Allows local units of government to issue bonds in anticipation of receiving distributions under the act, subject to voter approval for full faith and credit pledges.

Requires municipalities receiving distributions to first use funds to replace property tax revenue lost from personal property exemptions for essential services obligations incurred before 2013, with distributions forfeited if municipalities increased millage rates without voter approval to replace these lost taxes.