MARIHUANA REGULATORY FUND; TRANSFER                                       H.B. 6120:

                                                                    SUMMARY OF HOUSE-PASSED BILL

                                                                                                 IN COMMITTEE

House Bill 6120 (as passed by the House)

Sponsor:  Representative Cynthia Johnson

House Committee:  Appropriations

Senate Committee:  Committee of the Whole

Date Completed:  9-14-20

CONTENT

The bill would amend the Medical Marihuana Facilities Licensing Act to transfer $17.0 million from the Marihuana Regulatory Fund to the General Fund for fiscal year (FY) 2019-20.

MCL 333.27604                                                                                               

FISCAL IMPACT

The bill would result in an increase to the General Fund, and corresponding reduction in the Marihuana Regulatory Fund, of $17.0 million in State restricted funds. Under the Act, revenue deposited into the Marihuana Regulatory Fund remains in the Fund and does not lapse to the General Fund. The bill would provide a one-time exception to complete this transfer for FY 2019-20. The State Budget Office projects that the year-end balance of the Fund is sufficient to cover this transfer.

                                                                  Fiscal Analyst:  Elizabeth Raczkowski

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.