Michigan HB5099 amends tax distribution rules for convention tourism, prioritizing funds for operational deficits and COVID-19 impacts.

Michigan HB5099 amends sections 10 and 20 of 1985 PA 106, modifying the distribution of convention tourism assessments. The bill prioritizes funds for operational deficits of qualified convention facilities and addresses impacts from the COVID-19 virus. It allocates specific amounts for fiscal years 2020 through 2038, including $5 million for operational deficits in 2020 and $7 million for COVID-19 impacts in 2020. Additionally, it mandates that up to $4 million be distributed to the Michigan Strategic Fund for grants to convention centers affected by COVID-19.

Michigan HB5099 amends tax distribution rules for convention tourism, prioritizing funds for operational deficits and COVID-19 impacts.

Michigan HB5099 amends sections 10 and 20 of 1985 PA 106, modifying the distribution of convention tourism assessments. The bill prioritizes funds for operational deficits of qualified convention facilities and addresses impacts from the COVID-19 virus. It allocates specific amounts for fiscal years 2020 through 2038, including $5 million for operational deficits in 2020 and $7 million for COVID-19 impacts in 2020. Additionally, it mandates that up to $4 million be distributed to the Michigan Strategic Fund for grants to convention centers affected by COVID-19.