MI HB4558

Maintains a combined use tax rate of 6% on tangible personal property and services in Michigan, split between state and local community stabilization shares.

Establishes escalating revenue targets for the local community stabilization share tax beginning October 1, 2015, ranging from $96.4 million in fiscal year 2015-2016 to $572.6 million in fiscal year 2027-2028.

Starting in fiscal year 2028-2029, adjusts the local community stabilization share revenue target annually by the personal growth factor rather than a fixed amount.

Preserves exemptions for property transfers between family members, estate beneficiaries, and certain business reorganizations, and exempts property purchased outside the state and brought in more than 90-360 days after purchase depending on residency status.

Effective immediately upon approval (July 10, 2015) with implementation of new tax rate split beginning October 1, 2015.