This bill proposes the repeal of the State Real Estate Transfer Tax Act, specifically Public Act 330 of 1993, which is codified in the Michigan Compiled Laws from sections 207.521 to 207.537. The bill includes an enacting section that states the act will take effect 90 days after it is enacted into law, and it will only take effect if House Bill No. 5880 of the 103rd Legislature is also enacted.

Additionally, the bill expresses the legislature's intent to ensure that sufficient funds are appropriated annually from the state general fund to the state school aid fund. This appropriation aims to fully compensate for any revenue loss to the state school aid fund that may result from the repeal of the real estate transfer tax.

Statutes affected:
House Introduced Bill: 207.521, 207.537
As Passed by the House: 207.521, 207.537