The bill would phase out taxes levied against industrial and commercial equipment and furniture.
As of late Friday, the bill was awaiting Gov. Rick Snyder’s signature.
The state would reimburse in full the losses from tax revenue to school districts, and replace 80 percent of the revenue lost to local municipalities.
If the bill didn’t provide replacement for the funds, Grand Haven Area Public Schools would have lost more than $700,000 that helps support its programs, Grand Haven Superintendent Keith Konarska said.
“This is welcomed news and tremendously appreciated,” he said.
Fruitport Community Schools Superintendent Bob Szymoniak said the bill would have been devastating to schools if it didn't replace the lost revenue. He said the money goes directly into the district’s general fund and is used for operating expenses.
Although the bill won’t impact schools, Szymoniak said districts aren’t in the clear when it comes to funding cuts.
“I do believe that schools may experience funding reductions in other ways when the School Aid Fund is established for the 2013-14 school year," he said. "But it appears that we have dodged a bullet with this legislation."
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