2003 House Bill 4482 / Public Act 260

Introduced in the House

March 27, 2003

Introduced by Rep. Gene DeRossett (R-52)

To authorize an alternative “specific tax” for five years on tax-reverted property sold by a local government, which would replace regular property taxes, but be levied at the same rate. The bill establishes an alternative distribution formula for the revenue. Half the revenue would be distributed to schools and other units of government under the existing formula, and half would go directly to the local government to be used to clear titles and to repay loans from the state for the same purpose (see House Bill 4488).

Referred to the Committee on Land Use and Environment

June 26, 2003

Reported without amendment

With the recommendation that the substitute (H-2) be adopted and that the bill then pass.

July 1, 2003

Substitute offered

To replace the previous version of the bill with one which would give half the proposed tax to the land bank authority proposed by House Bill 4483. See House passed bill for details.

The substitute passed by voice vote

Passed in the House 107 to 0 (details)

To authorize an alternative “specific tax” for five years on tax-reverted property sold by a "land bank authority" proposed by House Bill 4483. This tax would replace regular property taxes, but be levied at the same rate. The bill establishes an alternative distribution formula for the revenue. Half the revenue would be distributed to schools and other units of government under the existing formula, and half would go directly to the land bank authority to be used to clear titles and to repay loans received from the state for the same purpose (see House Bill 4488).

Received in the Senate

July 2, 2003

Referred to the Committee on Finance

Dec. 2, 2003

Reported without amendment

With the recommendation that the bill pass.

Dec. 16, 2003

Passed in the Senate 36 to 0 (details)

To authorize an alternative “specific tax” for five years on tax-reverted property sold by a "land bank authority" proposed by House Bill 4483. This tax would replace regular property taxes, but be levied at the same rate. The bill establishes an alternative distribution formula for the revenue. Half the revenue would be distributed to schools and other units of government under the existing formula, and half would go directly to the land bank authority to be used to clear titles and to repay loans received from the state for the same purpose (see House Bill 4488).

Signed by Gov. Jennifer Granholm

Dec. 31, 2003