Bill Text: MI HB5657 | 2011-2012 | 96th Legislature | Introduced

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Bill Title: Income tax; other; Detroit college promise fund; create. Creates new act. TIE BAR WITH: HB 5001'11

Spectrum: Partisan Bill (Democrat 16-0)

Status: (Introduced - Dead) 2012-05-30 - Referred To Second Reading [HB5657 Detail]

Download: Michigan-2011-HB5657-Introduced.html

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HOUSE BILL No. 5657

 

May 22, 2012, Introduced by Reps. Howze, Talabi, Irwin, Liss, Durhal, Stallworth, Stapleton, Rutledge, Santana, Jackson, Tlaib, Bledsoe, Stanley, Lipton and Oakes and referred to the Committee on Tax Policy.

 

     A bill to establish the Detroit college promise 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

 

"Detroit college promise fund act".

 

     Sec. 3. As used in this act:

 

     (a) "Department" means the department of treasury.

 

     (b) "Fund" means the Detroit college promise fund created in

 

section 5.

 

     Sec. 5. (1) The Detroit college promise fund is created in the

 

department to provide funds for donation to the Detroit college

 

promise scholarship program. The department shall be the

 

administrator of the fund for auditing purposes.

 

     (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, and money from any other

 

source for deposit into the fund.

 

     (3) The state treasurer shall direct the investment of the

 

fund. 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 money from any other source.

 

     (4) Money in the fund at the close of the year shall remain in

 

the fund and shall not lapse to the general fund.

 

     Sec. 7. The money, interest, and earnings of the fund shall be

 

expended solely for donation to the Detroit college promise

 

scholarship program.

 

     Sec. 9. The money in 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.

 

     Enacting section 1. This act does not take effect unless

 

Senate Bill No.____ or House Bill No. 5001(request no. 2748'11) of

 

the 96th Legislature is enacted into law.