November 29, 2007, Introduced by Senator JANSEN and referred to the Committee on Finance.
A bill to amend 1980 PA 243, entitled
"Emergency municipal loan act,"
by amending section 1 (MCL 141.931), as amended by 1987 PA 282.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 1. As used in this act:
(a) "Board" means the local emergency financial assistance
loan
board created pursuant to under
this act.
(b) "Fiscal year" means, unless otherwise provided in this
act, the fiscal year of the municipality applying for a loan
pursuant
to under this act.
(c) "Income tax collections" means the total collection of a
municipality
under the city income tax act, Act No. 284 of the
Public
Acts of 1964, as amended, being sections 141.501 to 141.787
of
the Michigan Compiled Laws 1964 PA 284, MCL 141.501 to 141.787,
in any calendar year.
(d) "Income tax revenue growth rate" means the quotient of the
following:
(i) The numerator is the income tax collections of the
municipality for the calendar year immediately preceding the
municipality's application for a loan under this act.
(ii) The denominator is the income tax collections for the
municipality for the calendar year preceding the calendar year used
in determining the numerator.
(e) "Municipality" means a county, city, village, or township
of this state.
(f) "Local tax base growth rate" for a municipality means the
state equalized valuation of the real and personal property of the
municipality for the most recent year for which data is available
divided by the state equalized valuation of real and personal
property of the municipality for the fifth year preceding the most
recent
year for which data is available. If the state equalized
valuation
in the denominator is for the year 1974 or 1975, the
state
equalized valuation of the municipality in the numerator
shall
be adjusted by the addition of the 1975 state equalized
valuation
for inventory as reported to the department of treasury
pursuant
to section 132 of the single business tax act, Act No. 228
of
the Public Acts of 1975, being section 208.132 of the Michigan
Compiled
Laws.
(g) "Statewide tax base growth rate" means the total state
equalized valuation for real and personal property for the most
recent year for which data is available divided by the total state
equalized valuation for the fifth year preceding the most recent
year
for which data is available. If the state equalized valuation
in
the denominator is for the year 1974 or 1975, the total state
equalized
value in the numerator shall be adjusted by the addition
of
the total 1975 state equalized valuation for all counties for
inventory
as reported to the department of the treasury under
section
132 of Act No. 228 of the Public Acts of 1975.
(h) "State equalized valuation of real and personal property
of
the municipality" means the valuation determined under Act No.
44
of the Public Acts of 1911, as amended, being sections 209.1 to
209.8
of the Michigan Compiled Laws 1911 PA 44, MCL 209.1 to 209.8,
of real and personal property within the municipality plus an
amount equal to the state equalized valuation equivalent of certain
revenues of the municipality as determined under this subdivision.
The state equalized valuation equivalent shall be calculated by
dividing the sum of the following amounts by the municipality's
millage rate for the fiscal year:
(i) The amount levied by the municipality for its own use
during the municipality's fiscal year from the specific tax levied
under
Act No. 198 of the Public Acts of 1974, as amended, being
sections
207.551 to 207.571 of the Michigan Compiled Laws 1974 PA
198, MCL 207.551 to 207.572.
(ii) The amount levied by the municipality for its own use
during the municipality's fiscal year from the specific tax levied
under
the commercial redevelopment act, Act No. 255 of the Public
Acts
of 1978, as amended, being sections 207.651 to 207.668 of the
Michigan Compiled Laws 1978 PA 255, MCL 207.651 to 207.668.