MI SB0380

Requires the department to calculate personal property exemption losses for municipalities by November 7, 2017, and each September 7 thereafter, adjusting for court orders and captured taxes.

Establishes distribution priorities for local community stabilization share revenue beginning in calendar year 2016, with first priority given to school debt loss, followed by essential services funding and school operating losses.

Beginning in calendar year 2019, directs the authority to distribute 5% of remaining local community stabilization share fund balance to municipalities, with the percentage increasing by an additional 5% each year through 2020 until reaching 100%.

Sets specific dollar amounts for local community stabilization share revenue distributions by fiscal year from 2015-2016 through 2027-2028, ranging from approximately $19.2 million to $448 million per calendar year.

After fiscal year 2028-2029, requires annual adjustments to distribution amounts using the personal property growth factor as defined in the use tax act.