Bill Text: MI HB4175 | 2011-2012 | 96th Legislature | Introduced

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Bill Title: State; other; late payments to local governments; provide for interest. Amends 1984 PA 431 (MCL 18.1101 - 18.1594) by adding sec. 388a.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced - Dead) 2011-02-08 - Printed Bill Filed 02/03/2011 [HB4175 Detail]

Download: Michigan-2011-HB4175-Introduced.html

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HOUSE BILL No. 4175

 

February 1, 2011, Introduced by Reps. Rendon, Damrow and Opsommer and referred to the Committee on Tax Policy.

 

     A bill to amend 1984 PA 431, entitled

 

"The management and budget act,"

 

(MCL 18.1101 to 18.1594) by adding section 388a.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 388a. Except as otherwise provided in this act or by law,

 

if this state is required to make a payment of funds to a local

 

governmental unit and fails to do so, this state shall also pay

 

interest beginning 30 days after the payment was required to be

 

made. The interest shall accrue until the payment is made to the

 

local governmental unit. The interest rate shall be the same rate

 

that is calculated under section 23(2) of 1941 PA 122, MCL 205.23.