Michigan Laws 12.253a – Local government reimbursement fund
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Terms Used In Michigan Laws 12.253a
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Local government reimbursement fund: means the local government reimbursement fund created in section 3a. See Michigan Laws 12.252
- 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) The local government reimbursement fund is created in the state treasury.
(2) The state treasurer shall deposit money and assets received under section 21(7) of the use tax act, 1937 PA 94, MCL 205.111, or from any other source in the fund. The state treasurer shall direct the investment of money in the fund and credit interest and earnings from the investments to the fund.
(3) Money in the fund at the close of the fiscal year remains in the fund and does not lapse to the general fund.
(4) The department of treasury is the administrator of the fund for audits of the fund.
(5) The department of treasury shall expend money from the fund, upon appropriation, only for the purpose of compensating municipalities as described in this subsection. Subject to subsection (6), on or before May 31, 2024, and on or before May 31 of each year thereafter, the department of treasury shall compensate municipalities for the revenue lost during the immediately preceding property tax year as a result of exemptions claimed under section 9o(2)(b) of the general property tax act, 1893 PA 206, MCL 211.9o, as determined by the department of treasury.
(6) If the money in the fund is insufficient to fully compensate all municipalities that lost revenue as described in subsection (5), payments from the fund must be prorated amongst those municipalities.
(7) As used in this section:
(a) “Fund” means the local government reimbursement fund created in subsection (1).
(b) “Municipality” means that term as defined in section 5 of the local community stabilization authority act, 2014 PA 86, MCL 123.1345.