MI SB1020

Changes "shall" to "must" throughout section 25 of the General Sales Tax Act for statutory modernization purposes.

Requires the department to deposit $79,187,866.00 every other month beginning October 15, 2018 into the revenue sharing trust fund created under the Michigan Trust Fund Act.

Starting in fiscal year 2021, requires an additional $15,000,000.00 deposited annually into the revenue sharing trust fund, with annual increases of $15,000,000.00 each subsequent year, capped at a maximum of $300,000,000.00 per fiscal year.

Renumbers existing subsections (5) through (9) to subsections (7) through (11) to accommodate the new subsections (5) and (6) regarding revenue sharing trust fund deposits.

Becomes effective only if Senate Bill 1019 of the 99th Legislature is enacted into law.