MI SB0591

Amends the calculation of net indebtedness for villages to include an assessed value equivalent of certain village revenues divided by the village's millage rate.

Adds state revenue sharing payments under the Glenn Steil state revenue sharing act of 1971 and eligible reimbursements under the local community stabilization authority act to the assessed value calculation, excluding amounts exceeding the village's qualified loss.

Includes amounts levied by the village from specific taxes under 1974 PA 198 and the commercial redevelopment act of 1978 PA 255 in the assessed value equivalent calculation.

Takes effect 90 days after enactment, with an effective date of June 24, 2018.