Mich. Comp. Laws § 18.1356
This is the official text of Mich. Comp. Laws § 18.1356, part of Michigan’s Comp. Laws — part of the compiled statutory law of Michigan, published by the state as "Comp. Laws." Browse the sections below, each linked to its official government source.
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Balance in fund; rebate of excess.
Official statutory text
Sec. 356.
The balance in the fund shall not exceed 15% of the combined level of general fund-general purpose and school aid fund revenues. If the balance in the fund at the end of a fiscal year exceeds 15% of the actual state general fund-general purpose and school aid fund revenues for that fiscal year, the excess shall be rebated to taxpayers on the individual income tax returns filed following the close of that fiscal year according to a schedule to be established by law.
History: 1984, Act 431, Eff. Mar. 29, 1985; Am. 1999, Act 8, Imd. Eff. Mar. 22, 1999; Am. 2018, Act 613, Eff. Mar. 29, 2019
The balance in the fund shall not exceed 15% of the combined level of general fund-general purpose and school aid fund revenues. If the balance in the fund at the end of a fiscal year exceeds 15% of the actual state general fund-general purpose and school aid fund revenues for that fiscal year, the excess shall be rebated to taxpayers on the individual income tax returns filed following the close of that fiscal year according to a schedule to be established by law.
History: 1984, Act 431, Eff. Mar. 29, 1985; Am. 1999, Act 8, Imd. Eff. Mar. 22, 1999; Am. 2018, Act 613, Eff. Mar. 29, 2019
Status: in_force · Read it on the official government site
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