Property tax: exemptions; fund from which municipalities are reimbursed for certain revenue lost due to the small business property tax exemption; modify to require that unused funds lapse to the general fund. Amends sec. 3a of 2000 PA 489 (MCL 12.253a).

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Plain-English Summary

This bill amends an existing act to modify the local government reimbursement fund. It specifies that money in the fund at the end of the fiscal year will lapse to the general fund. The bill also clarifies that the Department of Treasury will use the fund to compensate municipalities for lost property tax revenue due to certain exemptions, with payments prorated if the fund is insufficient.

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