Repeals the state real estate transfer tax and requires compensation from the state general fund to the state school aid fund.
This bill repeals the state real estate transfer tax, which was established by 1993 PA 330. It mandates that the state school aid fund be fully compensated for any revenue loss due to the repeal. The compensation must come from the state general fund. The repeal takes effect 90 days after the bill is enacted, but only if House Bill No. 5880 is also enacted into law.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.