TRANS. ECONOMIC DEV'T FUND TRANSFER S.B. 1485: FLOOR SUMMARY
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Senate Bill 1485 (as reported without amendment) (as enrolled)
Sponsor: Senator Ron Jelinek
Committee: Appropriations

CONTENT
Senate Bill 1485 would amend the Transportation Economic Development Fund (TEDF) law to reduce the statutory expenditure requirement for targeted industries. Under current law, the first priorities for TEDF expenditures are Category E - Forest Roads and Category F - Rural County Urban System. The remaining balance is then distributed as follows:

- 50% to Category A - Targeted Industries; - 25% to Category C - Urban County Congestion; and - 25% to Category D - Rural County Primary.


The bill would require that allocations made to Category A - Targeted Industries be reduced by $13.0 million for FY 2007-08. This bill would implement a portion of the FY 2007-08 budget agreement.


MCL 247.911

FISCAL IMPACT
The bill would reduce FY 2007-08 appropriations for Category A - Targeted Industries by $13.0 million, leaving a total appropriation level of $6.1 million. Enactment of the bill also would increase revenue to the General Fund by $13.0 million.


This bill would implement a portion of the FY 2007-08 budget agreement.


Date Completed: 11-10-08 Fiscal Analyst: Debra Hollon

Analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. sb1485/0708