October 19, 2018 | By director |
This week the Local Community Stabilization Authority (LCSA) will distribute nearly $244 million of Local Community Stabilization Share (LCSS) revenue to 91 tax increment financing authorities; 268 school districts and intermediate school districts; and 616 other municipalities. Local units of government should record the revenue in account 573, Local Community Stabilization Share (see Michigan Department of Treasury Uniform Chart of Accounts for Local Units of Government). Schools should record the revenue in revenue major class code 321, suffix 0000.
The Michigan Department of Treasury is responsible for the calculations. Please visit the Michigan Department of Treasury’s Personal Property Tax Reimbursements webpage at www.michigan.gov/pptreimbursements for information regarding calculations. Please contact the LCSA at email@example.com if you have questions regarding the distribution of local community stabilization share revenue.