MI HB4928

Amends the Metropolitan Authority Act to modify distribution of local community stabilization share revenue to municipalities for personal property tax losses beginning in fiscal year 2020-2021.

Establishes specific distribution amounts for calendar years 2020-2028, with amounts ranging from $383.5 million (2020) to $448 million (2027), with automatic adjustments by personal property growth factor for fiscal year 2028-2029 and thereafter.

Beginning calendar year 2021, authorizes distribution of 10% of total qualified loss to eligible municipalities, with percentage increasing by 10% annually each year thereafter not to exceed 100%.

Requires municipalities to allocate payments based on the portion attributable to each millage levied and to comply with intergovernmental agreements regarding millage-based revenue sharing.

Takes effect immediately upon enactment on October 15, 2020.