Bill Text: MI SB0698 | 2023-2024 | 102nd Legislature | Introduced
Bill Title: Transportation: funds; debt service funding; modify. Amends sec. 51d of 1967 PA 281 (MCL 206.51d). TIE BAR WITH: SB 0699'24
Spectrum: Partisan Bill (Republican 9-0)
Status: (Introduced) 2024-02-01 - Referred To Committee On Appropriations [SB0698 Detail]
Download: Michigan-2023-SB0698-Introduced.html
SENATE BILL NO. 698
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
by amending section 51d (MCL 206.51d), as amended by 2020 PA 75.
the people of the state of michigan enact:
Sec. 51d. In addition to the distributions under sections 51, 51e, and 51f, the following amounts of revenue collected from the tax levied under section 51 shall must be deposited into the state treasury to the credit of the Michigan transportation fund created in section 10 of 1951 PA 51, MCL 247.660, and disbursed as provided in section 10(1)(l) 10(1)(k) of 1951 PA 51, MCL 247.660:
(a) Beginning October 1, 2018 through September 30, 2019, $264,000,000.00 unless the minimum foundation allowance falls below the 2017-2018 minimum foundation allowance established under section 20 of the state school aid act of 1979, 1979 PA 94, MCL 388.1620, as amended by 2017 PA 108, then $150,000,000.00.
(b) Beginning October 1, 2019 through September 30, 2020, $468,000,000.00 unless the minimum foundation allowance falls below the 2017-2018 minimum foundation allowance established under section 20 of the state school aid act of 1979, 1979 PA 94, MCL 388.1620, as amended by 2017 PA 108, then $325,000,000.00.
(c) Beginning October 1, 2020 and each October 1 thereafter, $600,000,000.00.
Enacting section 1. This amendatory act does not take effect unless Senate Bill No. 699 of the 102nd Legislature is enacted into law.
