Introduced
by
To increase the interest charged on property tax underpayments or overpayments determined by the Michigan Tax Tribunal.
Referred to the Committee on Tax Policy
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Amendment offered
by
To establish a new date on which the bill will go into effect if passed, and change the proposed interest rate from 3 percent over prime to 2 percent over prime.
The amendment passed by voice vote
Passed in the House 88 to 22 (details)
To increase the interest charged on property tax underpayments or overpayments determined by the Michigan Tax Tribunal. Under current law the rate is 1 percent over the three-month treasury bill rate. The bill would change this to 2 percent over the the "prime" interest rate charged by banks to big commercial borrowers.
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To cap the rate at 1 percent over prime instead of 2 percent.
The substitute passed by voice vote
Passed in the Senate 38 to 0 (details)
To increase the interest charged on property tax underpayments or overpayments determined by the Michigan Tax Tribunal. Under current law the rate is 1 percent over the three-month treasury bill rate. The bill would change this to 1 percent over the the "prime" interest rate charged by banks to big commercial borrowers.
Passed in the House 109 to 0 (details)
To concur with the Senate-passed version of the bill.
