SENATE BILL No. 311

 

 

April 20, 2017, Introduced by Senators HOOD, BIEDA and KNEZEK and referred to the Committee on Appropriations.

 

 

     A bill to amend 1984 PA 431, entitled

 

"The management and budget act,"

 

by amending section 356 (MCL 18.1356), as amended by 1999 PA 8.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 356. The balance in the fund shall not exceed 10% of the

 

combined level of general fund-general purpose and school aid fund

 

revenues. $612,400,000.00. If the balance in the fund at the end of

 

a fiscal year exceeds 10% of the actual state general fund-general

 

purpose and school aid fund revenues for that fiscal year,

 

$612,400,000.00, the excess shall be rebated to taxpayers on the

 

individual income tax returns filed following the close of that

 

fiscal year according to a schedule to be established by

 

law.distributed as follows:

 

     (a) Fifty percent of the excess shall be deposited in the

school aid fund.

 

     (b) Fifty percent of the excess shall be distributed to

 

cities, villages, townships, and counties in the same manner as

 

revenue is distributed under the Glenn Steil state revenuesharing

 

act of 1971, 1971 PA 140, MCL 141.901 to 141.921.