Michigan Compiled Laws § 18.1356 Balance In Fund; Rebate Of Excess.

18.1356 Balance in fund; rebate of excess.

Sec. 356.

The balance in the fund shall not exceed 10% 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 10% 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
Popular Name: Act 431
Popular Name: DMB
Popular Name: Rainy Day Fund

Section: Previous  18.1353a-18.1353b  18.1353c  18.1353d  18.1353e-18.1353f  18.1354  18.1354a  18.1355  18.1356  18.1357  18.1358  18.1359  18.1361  18.1362-18.1362a  18.1363  18.1366  Next

Last modified: October 10, 2016