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MI SB0565
Bill
AI Summary
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Modifies the local government reimbursement fund to require that money remaining in the fund at the close of the fiscal year lapses to the general fund instead of remaining in the fund
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The local government reimbursement fund compensates municipalities for property tax revenue lost due to small business property tax exemptions claimed under section 9o(2)(b) of the general property tax act
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Department of Treasury must distribute reimbursement payments to municipalities on or before May 31 of each year for revenue lost during the immediately preceding property tax year
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If fund money is insufficient to fully compensate all affected municipalities, payments must be prorated among those municipalities
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Act took immediate effect upon approval by the Governor on October 7, 2025
Legislative Description
Property tax: exemptions; fund from which municipalities are reimbursed for certain revenue lost due to the small business property tax exemption; modify to require that unused funds lapse to the general fund. Amends sec. 3a of 2000 PA 489 (MCL 12.253a).
Property tax: exemptions
Last Action
Assigned Pa 0027'25 With Immediate Effect
10/8/2025