Taxation: state real estate transfer; state real estate transfer tax; repeal. Repeals 1993 PA 330 (MCL 207.521 - 207.537).

This bill proposes to eliminate Michigan's state real estate transfer tax by repealing the existing law that governs it. The legislation directly affects individuals and entities involved in property transactions, as it would remove the tax currently applied to the transfer of real estate. To offset the financial impact of this repeal, the bill includes a provision requiring the state to use general funds to fully compensate for any resulting loss in revenue to the state school aid fund.