MI HB5176

Modifies calculation deadlines for personal property exemption loss reimbursements to municipalities, requiring calculations by November 7, 2016, and each September 7 thereafter instead of prior schedule.

Establishes distribution priorities for local community stabilization share revenue beginning in 2016, with 100% of school debt loss, essential services loss, and other designated losses distributed first, followed by discretionary distributions starting in 2019.

Specifies annual local community stabilization share revenue amounts ranging from $19.2 million to $448 million per calendar year through 2027-2028, with automatic adjustments for personal property growth factor thereafter.

Requires municipalities receiving debt millage reimbursements to adjust debt millage rates accordingly, with reductions to reimbursement for excess debt taxes if municipalities fail to adjust rates.

Repeals section 20 of the 2014 Local Community Stabilization Authority Act and becomes effective immediately upon enactment on May 19, 2016.