SB-1092, As Passed Senate, May 18, 2010
SUBSTITUTE FOR
SENATE BILL NO. 1092
A bill to amend 1996 PA 376, entitled
"Michigan renaissance zone act,"
by amending section 12 (MCL 125.2692), as amended by 2002 PA 745.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
12. (1) This Except as
otherwise provided in subsection
(6), this state shall reimburse intermediate school districts each
year for all tax revenue lost as the result of the exemption of
property under this act, based on the property's taxable value in
that year, from taxes levied under section 625a of the revised
school code, 1976 PA 451, MCL 380.625a; from taxes levied for area
vocational-technical program operating purposes under section 681
of the revised school code, 1976 PA 451, MCL 380.681; and from
taxes levied for special education operating purposes under section
1724a of the revised school code, 1976 PA 451, MCL 380.1724a.
(2)
This Except as otherwise
provided in subsection (6), this
state shall reimburse local school districts each year for all tax
revenue lost as the result of the exemption of property under this
act from taxes levied under section 1211 of the revised school
code, 1976 PA 451, MCL 380.1211, based on the property's taxable
value in that year.
(3)
This Except as otherwise
provided in subsection (6), this
state shall reimburse a community college district and a public
library each year for all tax revenue lost as a result of the
exemption of property under this act, based on the property's
taxable value in that year, from taxes levied or collected under
the
general property tax act, 1893 PA 206, MCL 211.1 to 211.157
211.155.
(4) Intermediate school districts, community college
districts, and public libraries eligible for reimbursement under
subsections (1) and (3) shall report to and on a date determined by
the department of treasury all revenue lost for which reimbursement
under subsections (1) and (3) is claimed. A local school district
eligible for reimbursement under subsection (2) shall report each
year on a date determined by the department of treasury all revenue
lost for which reimbursement under subsection (2) is claimed.
(5)
This Except as otherwise
provided in subsection (6), this
state shall reimburse the school aid fund for all revenues lost as
the result of the establishment of renaissance zones. Foundation
allowances calculated under section 20 of the state school aid act
of 1979, 1979 PA 94, MCL 388.1620, shall not be reduced as a result
of lost revenues arising from this act.
Senate Bill No. 1092 (S-2) as amended May 13, 2010
(6) The reimbursements described in this section are subject
to an appropriation as provided by law. [FOR FISCAL YEAR 2009-2010
ONLY,] If the amount appropriated
is less than the amount required for payments to all entities
described in this section, payments shall be prorated.