Economic development: other; Michigan trust fund act; amend to reflect elimination of the Michigan strategic fund. Amends secs. 2, 7, 8 & 11 of 2000 PA 489 (MCL 12.252 et seq.) & repeals sec. 4 of 2000 PA 489 (MCL 12.254). TIE BAR WITH: SB 0631'25
Take action
Record your position on this measure.
Create an account to take a stance, submit a written position, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies the Michigan Trust Fund Act by eliminating the Michigan Strategic Fund. It repeals a section related to the fund and amends several sections to reflect this change. The bill also clarifies definitions related to trust funds and outlines the use of tobacco settlement revenue for specific programs, including the 21st Century Jobs Trust Fund and the Flint Settlement Trust Fund.
Key provisions
- The Michigan Strategic Fund is eliminated.
- Sections of the Michigan Trust Fund Act are repealed.
- Definitions related to various trust funds (e.g., Community District Education Trust Fund, Flint Settlement Trust Fund) are clarified.
- The 21st Century Jobs Trust Fund is established and funded through tobacco settlement revenue.
- The Flint Settlement Trust Fund is created to address the Flint water crisis settlement and will receive annual appropriations from the general fund.
- Specific amounts of tobacco settlement revenue are designated for the 21st Century Jobs Trust Fund and the Flint Settlement Trust Fund.
- Interest earned on trust fund investments is directed to the general fund.
- Money in the 21st Century Jobs Trust Fund remains there unless appropriated for specific strategic fund programs.
Who is affected
- State government agencies
- Residents of Michigan
- Businesses in Michigan
Bill text
Read the latest version inline or switch to a previous version.
Document of record
- Version
- Senate Introduced Bill
- Published
- Not published in the source record
This version is published only as a document. Open the viewer to read it here, or download the file.
Sponsors
Official sponsors from legislative records.
No sponsors are on record.
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours