November 8, 2007, Introduced by Reps. Simpson, Tobocman, Lahti, Sheltrown, Scott, Meadows, Miller, Alma Smith, Sak, LeBlanc, Hammel, Clack, Byrum, Corriveau, Lemmons, Constan, Espinoza, Brown, Ebli, Bauer, Hopgood, Dean, Hammon, Gonzales, Polidori, Wojno, Kathleen Law, Leland and Jackson and referred to the Committee on Banking and Financial Services.
A bill to amend 1966 PA 346, entitled
"State housing development authority act of 1966,"
(MCL 125.1401 to 125.1499c) by adding section 24f.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 24f. (1) There is created and established under the
jurisdiction and control of the authority a fund to be known as the
recapture tax fund.
(2) There may be paid into the recapture tax fund any money
available to the authority from any source or sources, including,
but not limited to, funds held by the authority. The authority is
under no obligation to maintain a balance of money in the fund.
(3) The authority may use the money held in the fund to
reimburse individual borrowers for any taxes the borrowers paid and
for which they were liable under section 143(m) of the internal
revenue code, or any similar recapture taxes applicable to programs
the authority administers.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No.____ or House Bill No. 5442(request no.
05583'07) of the 94th Legislature is enacted into law.