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MI HB5006
Bill
Status
10/3/2023
Primary Sponsor
Will Snyder
Click for details
AI Summary
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Modifies the 21st Century Jobs Trust Fund to extend the deposit of $75 million annually in tobacco settlement revenue through fiscal year 2026 (previously ending in an unspecified earlier year)
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Directs the State Treasurer to invest the fund's money in authorized state surplus fund investments, U.S. obligations, and solvent entity obligations while complying with divestment from terror requirements
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Specifies that interest and earnings from the fund's investments must be deposited into the general fund, while principal remains in the trust fund
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Maintains the annual deposit of $17.5 million in tobacco settlement revenue into the countercyclical budget and economic stabilization fund through fiscal year 2035
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Effective immediately upon approval on September 29, 2023
Legislative Description
State management: funds; funding related to the 21st century jobs trust fund; modify. Amends sec. 7 of 2000 PA 489 (MCL 12.257).
State management: funds
Last Action
Assigned Pa 139'23 With Immediate Effect
10/3/2023