MI HB4497

Establishes the American Red Cross Michigan fund within the Michigan Department of Treasury to provide donations to Michigan chapters of the American Red Cross.

State Treasurer credits to the fund all amounts appropriated under Section 435 of the Income Tax Act of 1967 (MCL 206.435), plus any interest, earnings, and other sources of revenue.

Fund money, interest, and earnings shall be expended solely for donation to the mid-Michigan chapter of the American Red Cross for distribution to Michigan Red Cross chapters.

Money available for distribution must be appropriated annually; money received as gifts or donations to the fund becomes available for distribution upon appropriation.

Fund balance does not lapse to the general fund at year-end; the Department of Treasury serves as the fund administrator for auditing purposes.

Bill is contingent on enactment of either Senate Bill No. ____ or House Bill No. 4498 of the 96th Legislature.