SENATE BILL No. 1417

September 17, 2002, Introduced by Senator BULLARD and referred to the Committee on

Economic Development, International Trade and Regulatory Affairs.

A bill to amend 1996 PA 376, entitled

"Michigan renaissance zone act,"

by amending section 12 (MCL 125.2692).

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

1 Sec. 12. (1) This state shall reimburse intermediate school

2 districts each year for all tax revenue lost as the result of the

3 exemption of property under this act, based on the property's

4 taxable value at the time the renaissance zone is designated IN

5 THAT YEAR, from taxes levied under section 625a of the revised

6 school code, Act No. 451 of the Public Acts of 1976, being

7 section 380.625a of the Michigan Compiled Laws 1976 PA 451,

8 MCL 380.625A; from taxes levied for area vocational-technical

9 program operating purposes under section 681 of Act No. 451 of

10 the Public Acts of 1976, being section 380.681 of the Michigan

11 Compiled Laws THE REVISED SCHOOL CODE, 1976 PA 451, MCL 380.681;

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1 or AND from taxes levied for special education operating

2 purposes under section 1724a of Act No. 451 of the Public Acts

3 of 1976, being section 380.1724a of the Michigan Compiled Laws

4 THE REVISED SCHOOL CODE, 1976 PA 451, MCL 380.1724A.

5 (2) This state shall reimburse local school districts each

6 year for all tax revenue lost as the result of the exemption of

7 property under this act from taxes levied under section 1211 of

8 the revised school code, Act No. 451 of the Public Acts of 1976,

9 being section 380.1211 of the Michigan Compiled Laws 1976

10 PA 451, MCL 380.1211, based on the property's taxable value in

11 that year.

12 (3) This state shall reimburse a community college district

13 and a public library each year for all tax revenue lost as a

14 result of the exemption of property under this act, based on the

15 property's taxable value in that year, from taxes levied or col-

16 lected under the general property tax act, Act No. 206 of the

17 Public Acts of 1893, being sections 211.1 to 211.157 of the

18 Michigan Compiled Laws 1893 PA 206, MCL 211.1 TO 211.157.

19 (4) Intermediate school districts, community college dis-

20 tricts, and public libraries eligible for reimbursement under

21 subsections (1) and (3) shall report to and on a date determined

22 by the department of treasury all revenue lost for which reim-

23 bursement under subsections (1) and (3) is claimed. A local

24 school district eligible for reimbursement under subsection (2)

25 shall report each year on a date determined by the department of

26 treasury all revenue lost for which reimbursement under

27 subsection (2) is claimed.

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1 (5) This state shall reimburse the school aid fund for all

2 revenues lost as the result of the establishment of renaissance

3 zones. Foundation allowances calculated under section 20 of the

4 state school aid act of 1979, being section 388.1620 of the

5 Michigan Compiled Laws 1979 PA 94, MCL 388.1620, shall not be

6 reduced as a result of lost revenues arising from this act.

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