SB-1092, As Passed House, May 13, 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.