Bill Text: MI HB5301 | 2009-2010 | 95th Legislature | Introduced
Bill Title: Income tax; other; Michigan future trust fund act; create. Creates new act. TIE BAR WITH: HB 5300'09
Spectrum: Partisan Bill (Democrat 12-0)
Status: (Introduced - Dead) 2009-09-09 - Printed Bill Filed 09/03/2009 [HB5301 Detail]
Download: Michigan-2009-HB5301-Introduced.html
HOUSE BILL No. 5301
September 2, 2009, Introduced by Reps. Smith, Warren, Cushingberry, Young, Donigan, Jackson, Johnson, Tlaib, Lindberg, Espinoza, Stanley and Durhal and referred to the Committee on Appropriations.
A bill to establish the Michigan future trust 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 future trust fund act".
Sec. 3. As used in this act:
(a) "Department" means the department of treasury.
(b) "Fund" means the Michigan future trust fund created in
section 5.
Sec. 5. (1) The Michigan future trust fund is created in the
department and shall at all times be administered in accordance
with section 115 of the internal revenue code, 26 USC 115. The
department shall be the grantor and shall administer the fund to
support the Michigan future credit under section 278 of the income
tax act of 1967, 1967 PA 281, MCL 206.278, to provide funds to
support preschool programs in this state for early childhood
education programs for 4-year-olds, and to support the need-based
revolving loan fund.
(2) The state treasurer shall be the fiduciary of the fund.
The state treasurer shall credit to the fund all amounts
appropriated for this purpose as provided under section 51 of the
income tax act of 1967, 1967 PA 281, MCL 206.51, and money from any
other source for deposit into the fund.
(3) The state treasurer shall direct the investment of the
assets of the fund. The fund shall consist of the money intended
for the fund pursuant to section 51 of the income tax act of 1967,
1967 PA 281, MCL 206.51, any interest and earnings accruing from
the saving and investment of that money, and money from any other
source.
Sec. 7. (1) The assets of the fund shall be used exclusively
for the following and shall not be diverted for a purpose other
than the following:
(a) To support the Michigan future credit under section 278 of
the income tax act of 1967, 1967 PA 281, MCL 206.278.
(b) To support preschool programs in this state for early
childhood education programs for 4-year-olds.
(c) To support the need-based revolving fund.
(2) The money from the fund that is available for distribution
shall be appropriated each year. Money granted or received as a
gift or donation to the fund is available for distribution upon
appropriation.
(3) 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. 5300(request no. 00505'09) of
the 95th Legislature is enacted into law.
