May 22, 2012, Introduced by Reps. Howze, Talabi, Irwin, Liss, Durhal, Stallworth, Stapleton, Rutledge, Santana, Jackson, Tlaib, Bledsoe, Stanley, Lipton and Oakes and referred to the Committee on Tax Policy.
A bill to establish the Detroit college promise 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
"Detroit college promise fund act".
Sec. 3. As used in this act:
(a) "Department" means the department of treasury.
(b) "Fund" means the Detroit college promise fund created in
section 5.
Sec. 5. (1) The Detroit college promise fund is created in the
department to provide funds for donation to the Detroit college
promise 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 Detroit college promise
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. 5001(request no. 2748'11) of
the 96th Legislature is enacted into law.