Michigan Laws 388.1626d – Reimbursement payments to intermediate districts for tax revenues under the brownfield redevelopment financing act, MCL 125.2665b
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 388.1626d
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) From the state school aid fund money appropriated under section 11, there is allocated an amount not to exceed $14,400,000.00 for 2022-2023 and 2023-2024 for reimbursements to intermediate districts as required under section 15b of the brownfield redevelopment financing act, 1996 PA 381, MCL 125.2665b.
(2) The amounts reimbursed under subsection (1) must be used by the intermediate district only for the purposes for which the property taxes were originally levied.
(3) The Michigan strategic fund and the Michigan economic development corporation shall work with the department of treasury in identifying the amount of tax revenues that are to be reimbursed under subsection (1).
(4) Notwithstanding section 17b, the department of treasury shall make payments under this section on a schedule determined by the department of treasury.