Bill Text: MI SB0311 | 2017-2018 | 99th Legislature | Introduced
Bill Title: State financing and management; funds; revenue required to be refunded; cap, and appropriate excess to the school aid fund and revenue sharing. Amends sec. 356 of 1984 PA 431 (MCL 18.1356).
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2017-04-20 - Referred To Committee On Appropriations [SB0311 Detail]
Download: Michigan-2017-SB0311-Introduced.html
SENATE BILL No. 311
April 20, 2017, Introduced by Senators HOOD, BIEDA and KNEZEK and referred to the Committee on Appropriations.
A bill to amend 1984 PA 431, entitled
"The management and budget act,"
by amending section 356 (MCL 18.1356), as amended by 1999 PA 8.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
356. The balance in the fund shall not exceed 10% of the
combined
level of general fund-general purpose and school aid fund
revenues.
$612,400,000.00. If the balance in the fund at the end of
a
fiscal year exceeds 10% of the actual state general fund-general
purpose
and school aid fund revenues for that fiscal year,
$612,400,000.00,
the excess shall be rebated to
taxpayers on the
individual
income tax returns filed following the close of that
fiscal
year according to a schedule to be established by
law.distributed as follows:
(a) Fifty percent of the excess shall be deposited in the
school aid fund.
(b) Fifty percent of the excess shall be distributed to
cities, villages, townships, and counties in the same manner as
revenue is distributed under the Glenn Steil state revenue sharing
act of 1971, 1971 PA 140, MCL 141.901 to 141.921.