Bill Text: MI SB0428 | 2015-2016 | 98th Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Individual income tax; other; American Red Cross Michigan fund act; create. Creates new act. TIE BAR WITH: SB 0429'15

Spectrum: Partisan Bill (Republican 5-0)

Status: (Passed) 2016-09-06 - Presented To Governor 6/14/2016 @ 11:38 Am [SB0428 Detail]

Download: Michigan-2015-SB0428-Introduced.html

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SENATE BILL No. 428

 

 

July 1, 2015, Introduced by Senators JONES, HANSEN, MARLEAU, BRANDENBURG and BOOHER and referred to the Committee on Finance.

 

 

 

     A bill to establish the American Red Cross 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

 

"American Red Cross Michigan fund act".

 

     Sec. 3. As used in this act:

 

     (a) "Department" means the department of treasury.

 

     (b) "Fund" means the American Red Cross Michigan fund created

 

in section 5.

 

     Sec. 5. (1) The American Red Cross Michigan fund is created in

 

the department to provide funds for donation to the Michigan

 

chapters of the American Red Cross. 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 mid-Michigan chapter of the

 

American Red Cross for distribution to the Michigan chapters of the

 

American Red Cross.

 

     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. 429                                                

 

of the 98th Legislature is enacted into law.