This bill requires the Michigan legislature to provide annual funding to the Michigan Geological Survey to support its statewide responsibilities. The law mandates that each year's appropriation must be at least as much as the amount given for the fiscal year ending September 30, 2025. By securing this minimum funding level, the bill ensures the agency has the financial resources needed to carry out its duties without interruption.
This bill creates a new "Safeguarding Tomorrow Revolving Loan Fund" within the state treasury to support disaster recovery efforts. It authorizes the state treasurer to deposit federal disaster relief funds and other assets into this fund, which will be invested to generate interest that remains in the fund rather than being returned to the general budget. The designated department will manage the fund, using its resources only to cover administrative costs, while allowing political subdivisions and recognized tribes to borrow money from it for disaster-related expenses under existing federal guidelines.
HB 5775 amends Michigan's individual income tax law to create a new tax exemption for post-graduation scholarship grants. This change directly affects individuals who receive these specific scholarship awards, allowing them to exclude that income from their state taxable income. The bill modifies Section 30 of the Income Tax Act by adding a new provision that treats post-graduation scholarship grants similarly to other educational benefits currently exempt from taxation. By removing these grants from taxable income, the legislation reduces the amount of state tax residents must pay on this specific source of funding.
HB 5853 requires cities in Michigan that impose an income tax to allow residents and businesses in designated Renaissance or HOPE zones to claim a tax deduction. The bill mandates that city income tax ordinances be updated to let qualified taxpayers subtract specific amounts of income earned within these zones, including wages, capital gains, and lottery winnings. This change directly affects individuals and businesses operating in areas officially recognized for economic revitalization, providing them with a financial incentive tied to their location. By amending state law, the bill ensures that local tax rules align with existing state-level incentives for these designated zones.
This bill amends Michigan's Commercial Rehabilitation Act to clarify how the commercial rehabilitation tax is calculated for specific types of properties. It establishes that owners of qualified facilities must pay an annual tax based on their property's taxable value, with funds distributed to the state, local governments, and school districts in the same proportions as regular property taxes. A key provision exempts properties located in designated Renaissance or HOPE zones from this tax, provided they meet the requirements of those specific economic development programs. Additionally, the bill includes a special calculation method for retail food establishments that received their exemption certificates before December 31, 2009. The legislation is tied to two other bills, meaning it will only take effect if those companion bills are also enacted into law.
This bill amends the Michigan Strategic Fund Act to expand the fund's existing legal powers and operational capabilities. It directly affects the Michigan Economic Development Corporation by allowing it to perform a wider range of financial and administrative tasks, such as issuing bonds, managing job training funds, and operating brownfield investment programs. The key provision updates the statute to explicitly authorize the fund to create new accounts, secure loans for export transactions, and pursue repayment of grants that fail to meet agreement terms. By clarifying these authorities within the current law, the legislation aims to provide a more robust legal framework for the fund's economic development activities without altering its core mission.
This bill extends the Michigan First-Time Home Buyer Savings Program through December 31, 2026, by amending the existing law that established the program. It allows individuals to open special savings accounts designated for paying qualified costs related to purchasing a single-family home in Michigan. The program permits contributions from people other than the account holder and allows joint ownership if the account holders file a joint tax return. The bill includes a provision stating that it will not take effect unless a related bill, HB 5973, is also passed into law.
This bill updates Michigan's property tax laws to ensure homeowners are not penalized with higher taxes for spending money on normal home repairs and maintenance. It specifically lists common improvements, such as painting, roof repairs, and replacing heating systems, that should be excluded from property value calculations until the home is sold. Additionally, the bill requires assessors to ignore certain costs included in a home's purchase price, such as financing fees and survey expenses, when calculating property taxes. These changes aim to provide clarity and fairness for residential property owners and agricultural landowners by standardizing how specific expenditures are treated during assessments.
SB 913 amends Michigan law to remove the expiration date for a specific requirement to deposit tobacco settlement revenue into the 21st Century Jobs Trust Fund. This change ensures that $75 million of annual tobacco settlement funds must continue to be transferred to the trust through fiscal year 2026, rather than reverting to the state's general fund. The bill directly affects the state treasurer and the department of treasury by clarifying the long-term handling of these funds, which are used for investments and economic development projects. By eliminating the sunset provision, the legislation maintains the flow of money into the trust without altering the existing rules for how the funds are invested or disbursed.
This bill seeks to repeal the Local Financial Stability and Choice Act of 2012, a law that previously set financial rules for local governments in Michigan. By removing the specific sections of the Michigan Compiled Laws associated with that act, the legislation would eliminate those existing financial regulations. Consequently, local municipalities and other local entities would no longer be subject to the oversight and requirements established under the repealed statute. The bill was introduced by Senator Mary Cavanagh and is currently under consideration by the Committee on Local Government.
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