O-LOST in Consolidated Governments to Reduce Millage Rate
Taxation | Taxation - State Only |
This bill would allow a consolidated government to increase the Local Option Sales Tax (LOST) rate from 1 percent to 2 percent with the additional revenue collected used to reduce applicable millage rates for property tax.
In the year following the intial levy of the increased tax, the consolidated government and any municipality recieving proceeds from the tax would be required to reduce their millage rate by seven mills. In each subsequent year these local governments would be required to reduce the millage rate to offset the amount of additional revenue produced by the increased tax rate.
5/4/2021 - Effective Date
5/4/2021 - Act 167
5/4/2021 - Date Signed by Governor