TRANSFERS OF TRANSPORTATION REVENUE H.B. 5678 and 5679:
FLOOR SUMMARY
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House Bills 5678 and 5679 (as reported without amendment)
Sponsor: Representative Lee Gonzales
House Committee: Appropriations
Senate Committee: Appropriations
CONTENT
House Bill 5678 would amend the General Sales Tax Act to reduce the amount of sales tax related to motor vehicle fuels, parts, and accessories that are otherwise directed to the Comprehensive Transportation Fund by $5.7 million in FY 2009-10 and deposit the money in the General Fund.
House Bill 5679 would amend the State Transportation Preservation Act to require $5.7 million of the Rail Infrastructure Loan Fund's FY 2009-10 ending balance to be deposited in the Comprehensive Transportation Fund.
MCL 205.75 and 474.65a
FISCAL IMPACT
The bills would have no net fiscal impact on State revenue or expenditures, but would change the allocation of revenue between affected funds.
The bills would implement an agreement regarding General Fund/General Purpose revenue in the FY 2009-10 budget targets. The bills effectively shift, through a two-step process, $5.7 million in State-restricted transportation revenue from the Rail Infrastructure Loan Fund to the General Fund.
Date Completed: 7-26-10 Fiscal Analyst: David Zin
floor\hb5678 Bill Analysis @ www.senate.michigan.gov/sfa
This 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.
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. hb5678&5679/0910