HB 5423 Summary

• Amends Section 17 of the Local Community Stabilization Authority Act (2014 PA 86) to modify distribution requirements and timelines for local community stabilization share revenue to municipalities.

• Allows municipalities that fail to submit required documentation by the 2017 deadline to receive their full distribution from 2018 local community stabilization share revenue instead, with procedures to be established by the authority.

• Establishes specific annual distribution amounts from fiscal year 2015-2016 through fiscal year 2027-2028, ranging from $19.2 million to $448 million depending on the fiscal year and calendar year.

• Beginning in fiscal year 2028-2029 and thereafter, requires the authority to increase prior year distribution amounts by the personal property growth factor for both calendar years within each fiscal year.

• Requires the authority to use up to $300,000 annually from fiscal years 2015-2016 through 2018-2019 for implementing and administering the act.