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MI SB0874
Bill
Status
5/16/2024
Primary Sponsor
Michael Webber
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AI Summary
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Adds a new subsection (5) requiring distributions from income tax revenue to the MiABLE fund beginning October 1, 2024, in an amount equal to the greater of total maintenance and asset-based fees charged or $300,000 annually.
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Requires the state treasurer to adjust the MiABLE fund distribution amount annually beginning after September 30, 2025 based on cumulative changes in the Consumer Price Index, with no adjustment if the index change is negative.
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Defines "maintenance fees" as account opening or maintenance fees under the Michigan ABLE program and "asset-based fees" as administrative and service fees under the same program.
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Renumbers existing subsections (5) through (10) as subsections (6) through (11) to accommodate the new subsection (5).
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Takes effect only upon enactment of Senate Bill No. 873 of the 102nd Legislature.
Legislative Description
Individual income tax: revenue distributions; earmark for MiAble fund; provide for. Amends sec. 51 of 1967 PA 281 (MCL 206.51). TIE BAR WITH: SB 0873'24
Individual income tax: revenue distributions
Last Action
Referred To Committee On Finance, Insurance, And Consumer Protection
5/16/2024