Michigan HB6122 mandates the state treasurer to report on federal funding impacts on state revenue.

Michigan HB6122 amends the state management law by requiring the state treasurer to prepare a report on federal funding impacts. The report must detail federal taxes owed by the state, offsets for federal debts, backup withholding of federal taxes, and federal grant repayments. The treasurer must update this report monthly, consulting with the state budget director. The report also assesses federal government delinquencies in funds owed to the state and potential state payments to the federal government, with provisions to withhold payments if necessary.

Michigan HB6122 mandates the state treasurer to report on federal funding impacts on state revenue.

Michigan HB6122 amends the state management law by requiring the state treasurer to prepare a report on federal funding impacts. The report must detail federal taxes owed by the state, offsets for federal debts, backup withholding of federal taxes, and federal grant repayments. The treasurer must update this report monthly, consulting with the state budget director. The report also assesses federal government delinquencies in funds owed to the state and potential state payments to the federal government, with provisions to withhold payments if necessary.