MI HB5657

Creates the Detroit College Promise Fund within the Department of Treasury to provide funds for donation to the Detroit College Promise scholarship program.

State Treasurer shall credit to the fund all amounts appropriated under section 435 of the 1967 Income Tax Act, plus money from any other source, with interest and earnings remaining in the fund.

Fund money, interest, and earnings shall be expended solely for donations to the Detroit College Promise scholarship program, with annual appropriations required for distribution.

Department of Treasury serves as administrator of the fund for auditing purposes and directs investment of fund assets.

Bill takes effect only upon enactment of Senate Bill No. ____ or House Bill No. 5001 of the 96th Legislature.