MI HB5314

Establishes a revenue sharing trust fund in the Department of Treasury consisting of money deposited under the General Sales Tax Act, donations, and investment earnings.

Directs the State Treasurer to invest the revenue sharing trust fund and ensures money remaining at fiscal year-end remains in the fund rather than lapsing to the general fund.

Beginning October 15, 2018 and every other month thereafter, transfers $79,187,866.00 from sales tax revenue to cities, villages, townships, and counties in proportions based on their eligibility under 2017 PA 107 sections 952, 955, and 957.

For fiscal years 2019-2020 and thereafter, distributes sales tax revenue equally between local units (50% to cities/villages/townships and 50% to counties) based on their eligibility under prior statutory allocations.

Requires the Governor and State Budget Director to include annual appropriations in the budget to authorize these distributions from the revenue sharing trust fund.