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MI SB0555
Bill
Status
9/18/2025
Primary Sponsor
Michael Webber
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AI Summary
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Establishes a new earmark from individual income tax revenue for the MiABLE fund (Michigan Achieving a Better Life Experience program), beginning October 1, 2025
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Requires deposit of an amount equal to total maintenance fees and asset-based fees charged for that fiscal year, or $300,000, whichever is greater, into the MiABLE fund
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Adjusts the $300,000 minimum amount annually based on the Consumer Price Index starting after September 30, 2026, with no negative adjustments
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Contains a tie bar provision requiring Senate Bill No. 556 to be enacted for this bill to take effect
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Makes technical amendments updating language throughout the income tax act, including changing "shall" to "must" and clarifying references to state fiscal years
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 556'25
Individual income tax: revenue distributions
Last Action
Referred To Committee On Housing And Human Services
9/18/2025