MI SB1160

Creates a revenue sharing trust fund in the department of treasury to receive money from the general sales tax act, donations, and investment earnings

Requires the state treasurer to transfer and disburse 16.66% of available revenue sharing trust fund money every other month beginning October 15, 2023, with 50% to cities/villages/townships and 50% to counties based on proportions from 2022 PA 166

Prohibits money in the revenue sharing trust fund from lapsing to the general fund at the close of each fiscal year and restricts transfers or disbursements except as authorized in the statute

Requires the governor and state budget director to include in annual budget submissions an appropriation directing the state treasurer to transfer and disburse all revenue sharing trust fund money as specified

Bill takes effect only if Senate Bill No. 1161 of the 101st Legislature is enacted into law