Bill Text: MI SB1062 | 2015-2016 | 98th Legislature | Engrossed

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Bill Title: Individual income tax; collections; certain revenues attributable to transformational brownfield plans; capture and earmark. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding sec. 51e. TIE BAR WITH: SB 1061'16

Spectrum: Slight Partisan Bill (Republican 8-5)

Status: (Engrossed - Dead) 2016-11-29 - Referred To Committee On Local Government [SB1062 Detail]

Download: Michigan-2015-SB1062-Engrossed.html

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SB-1062, As Passed Senate, November 29, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SENATE BILL No. 1062

 

 

September 7, 2016, Introduced by Senators BRANDENBURG, HORN, STAMAS, BIEDA, MACGREGOR, KNEZEK, WARREN, HERTEL, YOUNG, SCHMIDT, KOWALL, ZORN and JONES and referred to the Committee on Economic Development and International Investment.

 

 

 

     A bill to amend 1967 PA 281, entitled

 

"Income tax act of 1967,"

 

(MCL 206.1 to 206.713) by adding section 51e.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 51e. In addition to the distribution under sections 51

 

and 51d, from the revenue collected from the tax levied under

 

section 51 an amount equal to the income tax capture revenues

 

attributable to transformational brownfield plans adopted under the

 

brownfield redevelopment financing act, 1996 PA 381, MCL 125.2651

 

to 125.2672, shall be deposited each state fiscal year into the

 

state brownfield redevelopment fund created in section 8a of the

 

brownfield redevelopment financing act, 1996 PA 381, MCL 125.2658a.

 

As used in this section, "income tax capture revenues" means that

 

term as defined in section 2 of the brownfield redevelopment

 

financing act, 1996 PA 381, MCL 125.2652.

     Enacting section 1. This amendatory act does not take effect

 

unless Senate Bill No. ____ or House Bill No. ____ (request no.

 

06100'16) of the 98th Legislature is enacted into law.