TEDF REVENUE REDUCTION H.B. 4847 (S-2):
FLOOR SUMMARY
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House Bill 4847 (Substitute S-2 as reported)
Sponsor: Representative Morris Hood
House Committee: Appropriations
Senate Committee: Appropriations
CONTENT
The bill would amend the Michigan Vehicle Code to reduce FY 2007-08 driver license fee revenue to the Transportation Economic Development Fund (TEDF) by $13.0 million and increase revenue to the General Fund by the same amount.
Under current law, $13.0 million in driver license fee revenue is deposited into the TEDF each year. The bill would direct that the money be deposited into the General Fund rather than the TEDF for FY 2007-08.
MCL 257.819
FISCAL IMPACT
The bill would eliminate FY 2007-08 driver license fee revenue of $13.0 million for the Transportation Economic Development Fund and direct that money to the General Fund. The bill would not affect the Michigan Transportation Fund transfer into the TEDF (estimated at $40.3 million for FY 2007-08). This would implement a portion of the FY 2007-08 budget agreement.
The FY 2007-08 appropriation bill for the Department of Transportation included this reduction. The categories affected were:
-- Targeted Industries - $6.5 million.
-- Urban County Congestion - $3.25 million
-- Rural County Primary - $3.25 million.
Date Completed: 6-12-08 Fiscal Analyst: Debra Hollon
Analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. hb4847/0708