TEDF REVENUE REDUCTION H.B. 4847 (S-3):
SUMMARY AS PASSED BY THE SENATE
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House Bill 4847 (Substitute S-3 as passed by the Senate)
Sponsor: Representative Morris Hood
House Committee: Appropriations
Senate Committee: Appropriations
Date Completed: 11-13-08
CONTENT
The bill would amend the Michigan Vehicle Code to reduce driver license fee revenue to the Transportation Economic Development Fund (TEDF). For FY 2007-08, the reduction would be $13.0 million and for FY 2008-09, the reduction would be $6.0 million. Revenue to the General Fund would be increased by the same amount.
Under current law, $13.0 million in driver license fee revenue is deposited into the TEDF each year. The bill would direct that a portion or all of the money be deposited into the General Fund rather than the TEDF for FY 2007-08 and FY 2008-09.
This would implement a portion of the FY 2007-08 and FY 2008-09 budget agreements.
MCL 257.819
FISCAL IMPACT
The bill would eliminate driver license fee revenue of $13.0 million in FY 2007-08 and $6.0 million in FY 2008-09 for the Transportation Economic Development Fund. That money would be directed to the General Fund. The bill would not affect the Michigan Transportation Fund transfer into the TEDF. This would implement a portion of the FY 2007-08 and FY 2008-09 budget agreements.
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. hb4847/0708