S.F. 387 provides an inflation adjustment to payments in lieu of taxes (PILT).
Section 1 reinstates an inflation adjustment for flat per acre payments on land eligible for PILT payments. Effective retroactively for aids payable in calendar year 2012 and thereafter.
Section 2 requires that in calendar years 2012 and thereafter, aid amounts shall be increased to an amount equal to the amount before the inflation adjustment multiplied by one plus the percentage increase in the implicit price deflator for state and local government purchases since the first quarter of 2011 to the third quarter of the year prior to when the aid is paid. Effective retroactively for aid payable in calendar years 2012 and thereafter.
Section 3 reinstates the inflation adjustment for flat per acre distributions for payments between counties and townships where land eligible for PILT is located. Effective retroactively for aid payable in calendar years 2012 and thereafter.
Section 4 requires that any additional calendar year 2012 payment owed to counties and townships as a result of the retroactive inflation adjustment will be paid with the calendar year 2013 payments.
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