LAND REUTILIZATION FUND; TRANSFER                                                        H.B. 6116:

                                                                              SUMMARY OF HOUSE-PASSED BILL

                                                                                                         IN COMMITTEE

House Bill 6116 (as passed by the House)

Sponsor:  Representative Sarah L. Lightner

House Committee:  Appropriations

Senate Committee:  Committee of the Whole

Date Completed:  9-15-20

CONTENT

The bill would amend the General Property Tax Act to require, for fiscal year (FY) 2019-20, the distribution of $9,150,000 from the Land Reutilization Fund to the State's General Fund. The bill would have no impact on the other allowable purposes for which funds may be in the Land Reutilization Fund.

MCL 211.78n                                                                                                          

FISCAL IMPACT

The bill would provide for a $9.2 million increase in FY 2019-20 General Fund/General Purpose (GF/GP) revenue. This transfer of funds from the Land Reutilization Fund to the State GF/GP budget would apply only during FY 2019-20. The bill would have no impact on the level of funding to support the other activities support by the Land Reutilization Fund.

                                                                                        Fiscal Analyst:  Cory Savino

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.