Bill Text: MI SB0480 | 2009-2010 | 95th Legislature | Chaptered
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-Chaptered.html
Act No. 106
Public Acts of 2009
Approved by the Governor
October 1, 2009
Filed with the Secretary of State
October 1, 2009
EFFECTIVE DATE: October 1, 2009
STATE OF MICHIGAN
95TH LEGISLATURE
REGULAR SESSION OF 2009
Introduced by Senators Kahn and Birkholz
ENROLLED SENATE BILL No. 480
AN ACT to amend 2007 PA 36, entitled “An act to meet deficiencies in state funds by providing for the imposition, levy, computation, collection, assessment, reporting, payment, and enforcement of taxes on certain commercial, business, and financial activities; to prescribe the powers and duties of public officers and state departments; to provide for the inspection of certain taxpayer records; to provide for interest and penalties; to provide exemptions, credits, and refunds; to provide for the disposition of funds; to provide for the interrelation of this act with other acts; and to make appropriations,” 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. 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. 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) 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.
This act is ordered to take immediate effect.
Secretary of the Senate
Clerk of the House of Representatives
Approved
Governor
