MI SB0357

Requires the state treasurer to transfer $50,000,000 annually from the general fund to the state school aid fund, beginning with the fiscal year ending September 30, 2026

Mandates annual inflation adjustments to the $50 million transfer starting fiscal year 2027, based on the Consumer Price Index for all urban consumers, with no reduction if inflation is negative

Removes several provisions that previously required revenue lost from specific tax exemptions (data center equipment, certain exclusions) to be deposited into the state school aid fund

Retains requirements to deposit revenue lost from exemptions under sections 4gg of both the general sales tax act and use tax act into the state school aid fund

Does not take effect unless Senate Bill No. 358 of the 103rd Legislature is also enacted into law