Bill Text: MI SB0480 | 2009-2010 | 95th Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Michigan business tax; other; distribution of revenue collected into school aid fund; modify. Amends sec. 515 of 2007 PA 36 (MCL 208.1515).

Spectrum: Partisan Bill (Republican 2-0)

Status: (Passed) 2009-10-06 - Assigned Pa 0106'09 With Immediate Effect [SB0480 Detail]

Download: Michigan-2009-SB0480-Introduced.html

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SENATE BILL No. 480

 

 

April 28, 2009, Introduced by Senators KAHN and BIRKHOLZ and referred to the Committee on Appropriations.

 

 

 

     A bill to amend 2007 PA 36, entitled

 

"Michigan business tax act,"

 

by amending section 515 (MCL 208.1515), as amended by 2007 PA 145.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 515. (1) In fiscal year 2007-2008, $341,000,000.00 of the

 

revenue collected under this act shall be distributed to the school

 

aid fund and the balance shall be deposited into the general fund.

 

In Except as otherwise provided in subsection (2), in fiscal year

 

2008-2009, $729,000,000.00 of the revenue collected under this act

 

shall be distributed to the school aid fund and the balance shall

 

be deposited into the general fund. For Except as otherwise

 

provided in subsection (2), for each fiscal year after the 2008-

 

2009 fiscal year, that amount from the immediately preceding fiscal

 

year, before the reduction under subsection (2), as adjusted by an

 

amount equal to the growth in the United States consumer price

 

index in the immediately preceding fiscal year shall be distributed

 

to the school aid fund and the balance shall be deposited into the

 

general fund.

 

     (2) For each fiscal year after the 2007-2008 fiscal year, the

 

amount distributed to the school aid fund under subsection (1)

 

shall be reduced by the amount distributed to the school aid fund

 

for that fiscal year from the tax collected under section 3f of the

 

use tax act, 1937 PA 94, MCL 205.93f.

 

     (3) (2) As used in this section, "United States consumer price

 

index" means the United States consumer price index for all urban

 

consumers as defined and reported by the United States department

 

of labor, bureau of labor statistics.