A five-bill package of legislation was introduced in the State House last week to tweak how local governments are reimbursed for revenue losses due to the exemption of certain property from personal property taxes.
House Bills 4926-30 were taken up the same week they were introduced for a testimony-only hearing. The Chair of the House Tax Policy Committee hopes to vote the bills out of committee in the next few weeks.
A brief summary of each bill is as follows:
HB 4926 – Alters the way Intermediate School District’s enhancement millages are accounted for in the calculation for reimbursement.
HB 4927 – Adjusts how school operating millages contribute to the reimbursement formula.
HB 4928 – Allows the reimbursement authority to use some of the reimbursement dollars for operating expenses.
HB 4929 – Adjusts the reimbursement calculation for tax increment finance authorities.
HB 4930 – Gives local governments another shot at correcting errors that resulted in under-reimbursement.
For more information, contact Dan Papineau at dpapineau@michamber.com