SB-0950, As Passed House, March 13, 2008

SUBSTITUTE FOR

SENATE BILL NO. 950

     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

Senate Bill No. 950 as amended March 5, 2008

revenue code, or any similar recapture taxes applicable to programs

the authority administers.

     Enacting section 1. This amendatory act does not take effect

unless all of the following bills of the 94th Legislature are

enacted into law:

     (a) Senate Bill No. 948.

     (b) Senate Bill No. 951.

<<(c) Senate Bill No. 1133.

(d)>> House Bill No. 5443.

<<(e)>> House Bill No. 5446.