Bill Text: MI HB5075 | 2013-2014 | 97th Legislature | Introduced
Bill Title: Individual income tax; other; Michigan junior achievement fund; create. Creates new act. TIE BAR WITH: HB 5076'13
Spectrum: Slight Partisan Bill (Republican 4-2)
Status: (Introduced - Dead) 2013-10-15 - Printed Bill Filed 10/11/2013 [HB5075 Detail]
Download: Michigan-2013-HB5075-Introduced.html
HOUSE BILL No. 5075
October 10, 2013, Introduced by Reps. Potvin, Kivela, Hooker, McBroom, Tlaib and Rendon and referred to the Committee on Tax Policy.
A bill to establish the Michigan junior achievement fund in
the department of treasury; to provide for the distribution of the
money from the fund; to prescribe the powers and duties of certain
agencies and officials; and to provide for appropriations.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 1. This act shall be known and may be cited as the
"Michigan junior achievement fund act".
Sec. 3. As used in this act:
(a) "Department" means the department of treasury.
(b) "Fund" means the Michigan junior achievement fund created
in section 5.
Sec. 5. (1) The Michigan junior achievement fund is created in
the department to provide funds for donation to any junior
achievement organization located in this state to inspire and
prepare young people to succeed in a global economy by showing them
how to generate wealth and effectively manage it, how to create
jobs which make their communities more robust, and how to apply
entrepreneurial thinking to the workplace.
(2) The state treasurer shall credit to the fund all amounts
appropriated for this purpose under section 435 of the income tax
act of 1967, 1967 PA 281, MCL 206.435.
(3) The fund shall consist of the money credited to the fund
pursuant to section 435 of the income tax act of 1967, 1967 PA 281,
MCL 206.435, any interest and earnings accruing from the saving and
investment of that money, and other appropriations, money, or other
things of value received by the fund.
(4) The state treasurer shall direct the investment of the
fund.
Sec. 7. (1) The money, interest, and earnings of the fund
shall be expended solely for the purposes described in this act.
(2) Money granted or received as a gift or donation to the
fund is available for distribution upon appropriation to each
county from which a contribution, gift, or donation was received.
Sec. 9. Money from the fund may be used as matching funds for
a federal grant if those funds are to be used for financial
literacy, entrepreneurship, and workforce readiness with junior
achievement organizations in this state and for the purposes
described under section 5.
Sec. 11. The money in the fund that is available for
distribution shall be appropriated each year. Money in the fund at
the close of the year shall remain in the fund and shall not lapse
to the general fund.
Enacting section 1. This act does not take effect unless
Senate Bill No. ____ or House Bill No. 5076 (request no. 03129'13)
of the 97th Legislature is enacted into law.
