MI HB4960

Changes the local government reimbursement fund so that unspent money at the close of the fiscal year will lapse to the general fund, rather than remaining in the fund as previously required

The local government reimbursement fund receives deposits from use tax revenues and compensates municipalities for property tax revenue lost due to exemptions under section 9o(2)(b) of the general property tax act

The Department of Treasury must distribute compensation payments to municipalities by May 31 each year for revenue losses from the immediately preceding property tax year

If fund money is insufficient to fully compensate all affected municipalities, payments must be prorated among them