Budget & Taxes (State Budget)

This bill repeals Michigan's state real estate transfer tax, which previously applied to the sale of property. It includes a provision to ensure that any resulting loss in state revenue is compensated by transferring funds from the state general fund to the school aid fund. The law will only take effect if a separate companion bill, HB 5880, is also passed.

HB 5487 adjusts funding for the Michigan Technological University's H-STEM Engineering and Health Technology Complex (Phase I). It decreases the state's capital outlay appropriation by $1.5 million, reducing the total project cost to $51.59 million (state share: $29.70 million; university share: $21.89 million; minimal state general fund: $200). The bill directly affects Michigan Technological University and the state budget by modifying existing construction funding authorized in prior legislation. It specifies how the adjusted funds must be spent for this specific campus complex project.

SB 487 restricts the State Administrative Board's authority over state budget funds by prohibiting transfers to the general fund or for purposes not specified by the legislature. It allows the board to move funds within a single department's budget only after notifying legislative appropriations committees and waiting for a set period without committee approval. The bill also explicitly blocks the board from transferring funds from designated programs, such as the strategic outreach reserve fund and critical industry programs. These changes aim to strengthen legislative oversight of state spending while maintaining the board's general supervisory role.