The bill amends the Regional Transit Authority Act (2012 PA 387) by updating Section 10, which outlines the revenue sources and assessment procedures for regional transit authorities in Michigan. It clarifies that an authority can raise funds for its activities and operations through various means, including fees, government grants, property sales, and contributions. The bill specifies that an authority may levy an assessment within its public transit region, contingent upon approval from both the authority's board and a majority of voters in a general election. The assessment must be collected in accordance with property tax laws, and the ballot must clearly state the assessment rate, duration, purpose, and whether it is a renewal or a new assessment.

Additionally, the bill mandates that at least 85% of funds raised through assessments or motor vehicle registration taxes must be spent on public transportation services within the respective member jurisdictions. It also requires authorities to submit an asset management plan for their revenue vehicles and facilities starting in the fiscal year after December 19, 2012, and to provide annual reports on service costs and revenue generated in each jurisdiction after the first year of operation of a rolling rapid transit system. The bill is set to take effect on January 1, 2027, but only if a related Senate Bill is enacted into law.

Statutes affected:
Senate Introduced Bill: 124.550