MI SB0063

Expands allowable uses of school sinking fund taxes authorized on or after the effective date to include acquisition of student transportation vehicles and related parts, supplies, and equipment for maintenance of those vehicles.

Allows sinking fund tax revenues to be used for acquisition of trucks and vans registered under Michigan vehicle code that carry parts, equipment, and personnel for maintenance of school buildings, plus parts, supplies, and equipment for maintaining those vehicles.

Maintains existing sinking fund tax limits of 3 mills maximum and 10-year levy period for taxes authorized after March 29, 2017.

Requires school districts levying sinking fund taxes to conduct annual independent audits and submit reports to the Department of Treasury; districts must repay any misused funds and cannot levy additional sinking fund taxes if misuse is found.

Takes effect August 6, 2023.