CTF REVENUE REDUCTION S.B. 1398:
FLOOR SUMMARY
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Senate Bill 1398 (as reported without amendment) (as enrolled)
Sponsor: Senator Ron Jelinek
Committee: Appropriations
CONTENT
Senate Bill 1398 would provide a mechanism to transfer $5.0 million from the Comprehensive Transportation Fund (CTF) to the General Fund. The bill would amend the General Sales Tax Act to reduce FY 2007-08 sales tax revenue to the CTF by $5.0 million and increase revenue to the General Fund by the same amount.
Under the Act, a percentage of the general sales tax revenue on motor vehicle-related sales is deposited into the CTF. The remainder of that revenue is deposited into the General Fund. The bill would reduce the amount deposited into the CTF in FY 2007-08 by $5.0 million, thereby increasing revenue to the General Fund by the same amount.
The bill would implement a portion of the FY 2007-08 budget agreement.
MCL 205.75
FISCAL IMPACT
The bill would reduce FY 2007-08 sales tax revenue to the CTF by $5.0 million and increase revenue to the General Fund by the same amount. This bill would implement a portion of the FY 2007-08 budget agreement.
Date Completed: 9-11-08 Fiscal Analyst: Debra Hollon
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. sb1398/0708