Bill Text: MI SB0873 | 2023-2024 | 102nd Legislature | Introduced
Bill Title: 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
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2024-05-16 - Referred To Committee On Finance, Insurance, And Consumer Protection [SB0873 Detail]
Download: Michigan-2023-SB0873-Introduced.html
SENATE BILL NO. 873
A bill to amend 2015 PA 160, entitled
"Michigan achieving a better life experience (ABLE) program act,"
(MCL 206.981 to 206.997) by adding section 3a.
the people of the state of michigan enact:
Sec. 3a. (1) The MiABLE fund is created in the state treasury.
(2) The state treasurer shall deposit money and other assets received under section 51 of the income tax act of 1967, 1967 PA 281, MCL 206.51, or from any other source in the MiABLE fund. The state treasurer shall direct the investment of money in the MiABLE fund and credit interest and earnings from the investments to the MiABLE fund.
(3) Money in the MiABLE fund at the close of the fiscal year remains in the MiABLE fund and does not lapse to the general fund.
(4) The department is the administrator of the fund for audits of the fund.
(5) The department shall expend money from the fund on appropriation, only for 1 or more of the following purposes:
(a) Administration of the Michigan ABLE savings program.
(b) Reimbursement of the asset-based fees charged under section 3(7)(e) and maintenance fees charged under section 3(6)(f) for that fiscal year.
Enacting section 1. This amendatory act does not take effect unless Senate Bill No. 874 of the 102nd Legislature is enacted into law.
