Bill Text: MI HB4631 | 2011-2012 | 96th Legislature | Introduced
Bill Title: Income tax; other; special Olympics Michigan fund; create. Creates new act. TIE BAR WITH: HB 4632'11
Spectrum: Moderate Partisan Bill (Democrat 19-6)
Status: (Introduced - Dead) 2012-06-12 - Referred To Committee On Government Operations [HB4631 Detail]
Download: Michigan-2011-HB4631-Introduced.html
HOUSE BILL No. 4631
May 10, 2011, Introduced by Reps. Byrum, Cotter, Constan, Darany, Slavens, Bauer, Geiss, Haugh, Hovey-Wright, Liss, Tlaib, Barnett, Switalski, Lindberg, Olumba, Lane, LeBlanc, Hughes, Brunner, Foster, Wayne Schmidt, MacGregor, Ananich, Lipton and Callton and referred to the Committee on Tax Policy.
A bill to establish the special Olympics Michigan 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
"special Olympics Michigan fund act".
Sec. 3. As used in this act:
(a) "Department" means the department of treasury.
(b) "Fund" means the special Olympics Michigan fund created in
section 5.
Sec. 5. (1) The special Olympics Michigan fund is created in
the department to provide funds for donation to the special
Olympics Michigan. 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 special Olympics Michigan.
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. 4632(request no. 01662'11 a)
of the 96th Legislature is enacted into law.
