Michigan SB0565 modifies the local government reimbursement fund to require unused funds to lapse to the general fund.

Michigan SB0565 amends the local government reimbursement fund to require that any unused funds lapse to the general fund. The fund, created in the state treasury, is used to compensate municipalities for revenue lost due to the small business property tax exemption. The state treasurer manages the fund, which receives money from the use tax act and other sources. If the fund's money is insufficient to fully compensate all affected municipalities, payments are prorated. The Department of Treasury administers the fund and expends money only for compensating municipalities.

Michigan SB0565 modifies the local government reimbursement fund to require unused funds to lapse to the general fund.

Michigan SB0565 amends the local government reimbursement fund to require that any unused funds lapse to the general fund. The fund, created in the state treasury, is used to compensate municipalities for revenue lost due to the small business property tax exemption. The state treasurer manages the fund, which receives money from the use tax act and other sources. If the fund's money is insufficient to fully compensate all affected municipalities, payments are prorated. The Department of Treasury administers the fund and expends money only for compensating municipalities.