MI SB1438

Creates the "Imagine Fund Act" to establish a new fund within the Michigan Department of Treasury for donations to the Imagine Fund Scholarship Program.

State Treasurer shall credit to the fund all amounts appropriated under section 435 of the Income Tax Act of 1967 (MCL 206.435) and money from any other sources.

Fund shall be invested by the State Treasurer and include credited amounts, interest, earnings, and donations; money remaining at year-end does not lapse to the general fund.

Money, interest, and earnings from the fund shall be expended solely for donations to the Imagine Fund Scholarship Program, with annual appropriation required for distribution.

Bill takes effect only if Senate Bill No. 1439 of the 95th Legislature is enacted into law.