MI HB4940

Excludes manufacturer rebates on motor vehicles from the use tax calculation beginning January 1, 2023, by adding new subsection (xv) to the definition of "purchase price" in Section 2.

Requires persons claiming the manufacturer rebate exclusion to report rebate amounts on vehicle registration forms provided by the secretary of state, with rebate information made available to the department of treasury.

Directs the department to deposit revenue lost from the manufacturer rebate exclusion into the state school aid fund to offset any reduction in school funding resulting from the exemption.

Makes technical changes to Section 21 reorganizing revenue distribution requirements and clarifying that money deposited under various subsections is dedicated to specific funds including the state school aid fund, state aeronautics fund, and qualified airport fund.

Updates language throughout by replacing gendered pronouns ("he or she," "his or her") with gender-neutral alternatives ("the person," "their").