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MI SB0873
Bill
Status
5/16/2024
Primary Sponsor
Michael Webber
Click for details
AI Summary
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Creates the MiABLE fund in the state treasury to receive money and assets from income tax collections under MCL 206.51 and other sources.
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State treasurer shall invest money in the MiABLE fund and credit all interest and earnings back to the fund.
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Fund balance does not lapse to the general fund at fiscal year-end and remains continuously available.
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Department of Treasury administers the fund and may expend money only for administration of the Michigan ABLE savings program and reimbursement of asset-based and maintenance fees.
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Conditional enactment: bill takes effect only if Senate Bill No. 874 of the 102nd Legislature is enacted into law.
Legislative Description
Individual income tax: other; MiAble fund; create. Amends 2015 PA 160 (MCL 206.981 - 206.997) by adding sec. 3a. TIE BAR WITH: SB 0874'24
Individual income tax: other
Last Action
Referred To Committee On Finance, Insurance, And Consumer Protection
5/16/2024