Bill Text: MI HB4705 | 2013-2014 | 97th Legislature | Engrossed
Bill Title: Property tax; state education tax; reimbursement of certain levied millage revenues; allow. Amends 1993 PA 331 (MCL 211.901 - 211.906) by adding sec. 5c.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2013-06-04 - Assigned Pa 40'13 With Immediate Effect [HB4705 Detail]
Download: Michigan-2013-HB4705-Engrossed.html
HB-4705, As Passed Senate, May 29, 2013
HOUSE BILL No. 4705
(As amended May 29, 2013)
May 7, 2013, Introduced by Rep. McBroom and referred to the Committee on Tax Policy.
A bill to amend 1993 PA 331, entitled
"State education tax act,"
(MCL 211.901 to 211.906) by adding section 5c.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 5c. (1) Not later than <<june 10>>, 2013, a qualified local
school district shall transmit to the state treasurer all excess
debt levy retirement funds held by the qualified local school
district. The state treasurer shall deposit all excess debt levy
retirement funds transmitted under this subsection into the state
treasury to the credit of the state school aid fund established in
section 11 of article IX of the state constitution of 1963.
(2) Each parcel of property subject to the tax levied under
this act located in a qualified local school district shall receive
a credit against the tax levied in July 2013 under this act. The
amount of the credit shall be calculated by multiplying the taxable
value of the property by the applied millage rate. The local tax
collecting unit shall reflect the amount of the credit on the July
2013 tax bill for each parcel of property.
(3) As used in this section:
(a) "Applied millage rate" is the rate determined by the state
treasurer by dividing the excess debt levy retirement funds
transferred under subsection (1) by the total taxable value of all
property subject to the tax levied under this act located in the
qualified local school district.
(b) "Excess debt levy retirement funds" means the amount that
a qualified local school collected on or after July 1, 2012 to
retire outstanding bonded indebtedness in excess of the amount
necessary to retire the outstanding bonded indebtedness of the
qualified local school district on December 1, 2012. Excess debt
levy retirement funds include any accrued investment income,
interest, and penalties on delinquent accounts.
(c) "Qualified local school district" means a local school
district that, on or after July 1, 2012, levied and collected debt
millage tax for bonds that were retired on May 1, 2012 and were no
longer outstanding as of July 1, 2012.
