Bill Text: MI SB0105 | 2011-2012 | 96th Legislature | Introduced
Bill Title: Income tax; other; "imagine fund"; create. Creates new act. TIE BAR WITH: SB 0106'11
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Introduced - Dead) 2011-02-08 - Referred To Committee On Finance [SB0105 Detail]
Download: Michigan-2011-SB0105-Introduced.html
SENATE BILL No. 105
February 8, 2011, Introduced by Senators HUNTER, GLEASON, YOUNG, HOOD, SMITH and BIEDA and referred to the Committee on Finance.
A bill to establish the imagine fund in the department of
treasury; to provide for the distribution of the money from the
fund; to prescribe the powers and duties of certain agencies and
officials; and to provide for appropriations.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 1. This act shall be known and may be cited as the
"imagine fund act".
Sec. 3. As used in this act:
(a) "Department" means the department of treasury.
(b) "Fund" means the imagine fund created in section 5.
Sec. 5. (1) The imagine fund is created in the department to
provide funds for donation to the imagine fund scholarship program.
The department shall be the administrator of the fund for auditing
purposes.
(2) The state treasurer shall credit to the fund all amounts
appropriated for this purpose under section 435 of the income tax
act of 1967, 1967 PA 281, MCL 206.435, and money from any other
source for deposit into the fund.
(3) The state treasurer shall direct the investment of the
fund. The fund shall consist of the money credited to the fund
pursuant to section 435 of the income tax act of 1967, 1967 PA 281,
MCL 206.435, any interest and earnings accruing from the saving and
investment of that money, and money from any other source.
(4) Money in the fund at the close of the year shall remain in
the fund and shall not lapse to the general fund.
Sec. 7. The money, interest, and earnings of the fund shall be
expended solely for donation to the imagine fund scholarship
program.
Sec. 9. The money in the fund that is available for
distribution shall be appropriated each year. Money granted or
received as a gift or donation to the fund is available for
distribution upon appropriation.
Enacting section 1. This act does not take effect unless
Senate Bill No. _____ or House Bill No. _____ (request no.
01140'11) of the 96th Legislature is enacted into law.