HB-6023, As Passed House, December 12, 2012HB-6023, As Passed Senate, December 12, 2012
November 8, 2012, Introduced by Rep. Gilbert and referred to the Committee on Tax Policy.
A bill to amend 2007 PA 36, entitled
"Michigan business tax act,"
by amending section 515 (MCL 208.1515), as amended by 2009 PA 106.
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 through the 2010-2011 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
through the 2010-2011 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) For each fiscal year after the 2010-2011 fiscal year, the
revenue collected under this act shall be deposited into the
general fund.
(4) (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.
Enacting section 1. This amendatory act is retroactive and
effective October 1, 2011.