Individual income tax: other; MiAble fund; create. Amends 2015 PA 160 (MCL 206.981 - 206.997) by adding sec. 3a. TIE BAR WITH: SB 555'25
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill creates the MiABLE fund, a dedicated account within the state treasury. The fund will receive money from the income tax act and be used to support the Michigan ABLE savings program. Specifically, the fund will cover administrative costs and reimburse fees associated with the ABLE program. The fund’s money will not lapse to the general fund.
Key provisions
- Creates the MiABLE fund in the state treasury.
- The state treasurer will deposit funds into the MiABLE fund.
- The state treasurer will invest the funds and earn interest.
- Money in the fund does not expire and goes back into the fund.
- The Department of Treasury will administer the fund.
- The fund will be used for program administration and fee reimbursement.
Who is affected
- Individuals with disabilities and their families
- The Michigan ABLE savings program participants
- The Department of Treasury
- The State Treasurer’s Office
Notable changes
- Establishes a dedicated funding source for the Michigan ABLE program.
Fiscal impact
The bill directs funds from the income tax act to the MiABLE fund, impacting state revenue projections.
Bill text
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Document of record
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- Senate Introduced Bill
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