SB 1227 Summary

• Appropriates $390,600,000 in supplemental funding for fiscal year ending September 30, 2023 to the Department of Treasury for the Michigan Kids Investment and Development Savings (KIDS) program.

• Funds are designated as a work project appropriation with unencumbered amounts available for expenditure until project completion by September 30, 2027.

• All appropriated funds must be used by the Department of Treasury to implement and administer the Michigan KIDS program act.

• Funds cannot be spent or distributed unless Senate Bill No. 1229 of the 101st Legislature is enacted into law.

• Total state spending from state sources is $390,600,000 with $0 to be paid to local units of government.