2006 Michigan Compiled Laws - Mich. Comp. Laws § 141.931 Definitions.

Sec. 1.

As used in this act:

(a) "Board" means the local emergency financial assistance loan board created pursuant to this act.

(b) "Fiscal year" means, unless otherwise provided in this act, the fiscal year of the municipality applying for a loan pursuant to this act.

(c) "Income tax collections" means the total collection of a municipality under the city income tax act, Act No. 284 of the Public Acts of 1964, as amended, being sections 141.501 to 141.787 of the Michigan Compiled Laws, in any calendar year.

(d) "Income tax revenue growth rate" means the quotient of the following:

(i) The numerator is the income tax collections of the municipality for the calendar year immediately preceding the municipality's application for a loan under this act.

(ii) The denominator is the income tax collections for the municipality for the calendar year preceding the calendar year used in determining the numerator.

(e) "Municipality" means a county, city, village, or township of this state.

(f) "Local tax base growth rate" for a municipality means the state equalized valuation of the real and personal property of the municipality for the most recent year for which data is available divided by the state equalized valuation of real and personal property of the municipality for the fifth year preceding the most recent year for which data is available. If the state equalized valuation in the denominator is for the year 1974 or 1975, the state equalized valuation of the municipality in the numerator shall be adjusted by the addition of the 1975 state equalized valuation for inventory as reported to the department of treasury pursuant to section 132 of the single business tax act, Act No. 228 of the Public Acts of 1975, being section 208.132 of the Michigan Compiled Laws.

(g) "Statewide tax base growth rate" means the total state equalized valuation for real and personal property for the most recent year for which data is available divided by the total state equalized valuation for the fifth year preceding the most recent year for which data is available. If the state equalized valuation in the denominator is for the year 1974 or 1975, the total state equalized value in the numerator shall be adjusted by the addition of the total 1975 state equalized valuation for all counties for inventory as reported to the department of the treasury under section 132 of Act No. 228 of the Public Acts of 1975.

(h) "State equalized valuation of real and personal property of the municipality" means the valuation determined under Act No. 44 of the Public Acts of 1911, as amended, being sections 209.1 to 209.8 of the Michigan Compiled Laws, of real and personal property within the municipality plus an amount equal to the state equalized valuation equivalent of certain revenues of the municipality as determined under this subdivision. The state equalized valuation equivalent shall be calculated by dividing the sum of the following amounts by the municipality's millage rate for the fiscal year:

(i) The amount levied by the municipality for its own use during the municipality's fiscal year from the specific tax levied under Act No. 198 of the Public Acts of 1974, as amended, being sections 207.551 to 207.571 of the Michigan Compiled Laws.

(ii) The amount levied by the municipality for its own use during the municipality's fiscal year from the specific tax levied under the commercial redevelopment act, Act No. 255 of the Public Acts of 1978, as amended, being sections 207.651 to 207.668 of the Michigan Compiled Laws.

History: 1980, Act 243, Imd. Eff. July 24, 1980 ;-- Am. 1987, Act 282, Eff. Apr. 11, 1988