HB-6023, As Passed House, November 27, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HOUSE BILL No. 6023

 

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.