Mich. Comp. Laws § 123.1341
Short title.
This act shall be known and may be cited as the "local community stabilization authority act".
Michigan Compiled Laws — LOCAL COMMUNITY STABILIZATION AUTHORITY ACT (Act 86 of 2014)
Michigan · statute · 86 of 2014, Mich. Comp. Laws · 18 active provisions
Mich. Comp. Laws § 123.1343
Legislative findings; declarations; purpose of act.
(1) The legislature finds and declares all of the following: (a) That there exists in this state a continuing need to strengthen and revitalize the economy of this state and to organize the activities of local government in metropolitan areas in a manner that reduces governmental barriers to economic growth, facilitate…
Mich. Comp. Laws § 123.1345
Definitions.
As used in this act: (a) "Acquisition cost" means that term as defined in section 3 of the state essential services assessment act, 2014 PA 92, MCL 211.1053, multiplied by the following percentages: (i) For eligible personal property reported to the department and described in section 5(2)(a) of the state essential ser…
Mich. Comp. Laws § 123.1347
Local community stabilization authority; establishment; public body corporate and special authority; property of authority as public property; exemption from taxes and special assessments; presumption of validity; jurisdiction.
(1) The local community stabilization authority is established as a metropolitan government for the metropolitan areas of this state under section 27 of article VII of the state constitution of 1963. The authority is a public body corporate and a special authority. The authority is not an agency or instrumentality of s…
Mich. Comp. Laws § 123.1349
(1) The authority council is established as the governing body of the authority. The powers, duties, functions, and responsibilities of the authority are vested in the council. The council shall consist of 5 residents of this state appointed by the governor. Not less than 3 members of the council shall be residents of…
Mich. Comp. Laws § 123.1351
Powers, duties, functions, and responsibilities of authority.
(1) The authority may exercise all of the following powers, duties, functions, and responsibilities: (a) Powers, duties, functions, and responsibilities vested in the authority under the use tax act, 1937 PA 94, MCL 205.91 to 205.111. (b) Exercise the powers, duties, functions, and responsibilities vested in the author…
Mich. Comp. Laws § 123.1352
Local community stabilization share; power of authority to levy; limitation; receipt and collection by department; generated money as money of authority.
(1) The authority has the exclusive power to levy the local community stabilization share under the use tax act, 1937 PA 94, MCL 205.91 to 205.111. The authority is authorized to levy the local community stabilization share under the use tax act, 1937 PA 94, MCL 205.91 to 205.111, and shall levy the local community sta…
Mich. Comp. Laws § 123.1353
(1) Not later than June 5, 2014, the assessor for each city and township shall report to the county equalization director all of the following: (a) The 2013 taxable value of commercial personal property and industrial personal property for each municipality in the city or township. (b) The 2014 taxable value of commerc…
Mich. Comp. Laws § 123.1354
Municipality not local school district, intermediate school district, or tax increment finance authority; municipality that is county, township, village, city, or authority providing essential services; duties of department.
(1) Not later than November 7, 2017, and each October 7 thereafter, for each municipality that is not a local school district, intermediate school district, or tax increment finance authority, the department shall do all of the following: (a) Calculate the municipality's personal property exemption loss. (b) Multiply t…
Mich. Comp. Laws § 123.1355
Municipality that is local school district; duties of department.
Not later than November 7, 2017, and each October 7 thereafter, for each municipality that is a local school district, the department shall do all of the following: (a) Calculate the municipality's personal property exemption loss. (b) Multiply the result of the calculation in subdivision (a) by the individual millage…
Mich. Comp. Laws § 123.1356
Municipality that is intermediate school district; duties of department.
Not later than November 7, 2017, and each October 7 thereafter, for each municipality that is an intermediate school district, the department shall do all of the following: (a) Calculate the municipality's personal property exemption loss. (b) Multiply the result of the calculation in subdivision (a) by the millage rat…
Mich. Comp. Laws § 123.1356a
Municipality that is tax increment finance authority; calculation of municipality's tax increment small taxpayer loss; duties of municipality; report.
(1) Not later than June 15, 2014 and June 15, 2015, each municipality that is a tax increment finance authority shall calculate and report to the department the municipality's tax increment small taxpayer loss for the current calendar year. (2) Not later than June 15, 2016, and each June 15 thereafter, each municipalit…
Mich. Comp. Laws § 123.1356b
Calculation by municipality that is tax increment finance authority; form and manner; extension of calculation and reporting date; exclusion.
(1) Each municipality that is a tax increment finance authority shall report to the department the calculation required under section 16a on a form and in a manner prescribed by the department. (2) If a municipality that is a tax increment finance authority fails to make the calculation and report it to the department…
Mich. Comp. Laws § 123.1357
Appropriation of funds; purposes; distribution to municipalities; distribution of local community stabilization share revenue; priority; payments, overpayments, and underpayments; insufficient funds; use of revenue; distribution; amounts.
(1) The legislature shall appropriate funds for all of the following purposes: (a) For fiscal year 2014-2015 and fiscal year 2015-2016, to the authority, an amount equal to all debt loss for municipalities that are not a local school district, intermediate school district, or tax increment finance authority, an amount…
Mich. Comp. Laws § 123.1358
Distributions; determination by department; submission of information by municipality; availability; municipality review and reporting.
(1) Beginning in fiscal year 2015-2016, and each fiscal year thereafter, the department shall determine the amount of the distributions under this act, except for the payments under section 17(4)(a)(vii) and (viii) and section 17(4)(d)(ii). (2) Each municipality shall submit to the department sufficient information for…
Mich. Comp. Laws § 123.1359
Bonds or other obligations; issuance.
(1) A local unit of government may issue bonds or other obligations in anticipation of the distribution of local community stabilization share revenue under section 17(4)(a)(iv). (2) Bonds or other obligations issued under this section are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.28…
Mich. Comp. Laws § 123.1361
Debt payment.
(1) If a municipality does not adjust its debt millage rate to reflect reimbursement for the small taxpayer exemption loss under section 17(1)(a), the reimbursement under section 17(1)(a) shall be reduced by the excess debt taxes levied. (2) A municipality shall use the amount received under section 17(4) for debt mill…
Mich. Comp. Laws § 123.1362
Construction of act.
This act shall be construed to effectuate the legislative intent and the purposes of this act as complete and independent authorization for the performance of each and every act and thing authorized in the act, and all powers granted in this act shall be broadly interpreted to effectuate the intent and purposes of this…