MI HB4554

Amends the Use Tax Act (1937 PA 94, Section 21) to establish a new annual deposit of $75,000,000 into the local government reimbursement fund beginning with fiscal year ending September 30, 2024 and continuing each fiscal year thereafter.

Maintains existing use tax revenue distributions to the state school aid fund, state aeronautics fund, and qualified airport fund without changes to those allocations.

Ties the effective date of this act to the enactment of Senate Bill 331 and House Bill 4553 of the 102nd Legislature; the bill does not take effect unless both companion bills are enacted into law.

Takes immediate effect upon enactment with approval date of October 24, 2023.