January 22, 2007, Introduced by Rep. Nofs and referred to the Committee on Energy and Technology.
A bill to establish the state home heating credit fund in the
department of treasury; and to provide certain powers and duties of
the department of treasury with respect to the home heating credit
fund.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 1. This act shall be known and may be cited as the "home
heating credit fund act".
Sec. 2. (1) The home heating credit fund is created as a
separate fund in the department of treasury. The fund shall be
expended only as provided in this act.
(2) The state treasurer shall credit to the home heating
credit fund all of the following:
(a) Amounts designated for the home heating credit fund under
section 14 of 1929 PA 48, MCL 205.314.
(b) Amounts contributed pursuant to section 436 of the income
tax act of 1967, 1967 PA 281, MCL 206.436.
(3) The state treasurer shall direct the investment of the
home heating credit fund money in the same manner as other funds
are invested. The state treasurer shall credit to the home heating
credit fund the interest and earnings from the home heating credit
fund.
(4) Funds granted or funds received as gifts or donations to
the home heating credit fund shall be available for disbursement
upon appropriation.
(5) Money in the home heating credit fund at the close of the
state fiscal year shall remain in the home heating credit fund and
shall not lapse to the general fund.
Sec. 3. The money in the home heating credit fund shall be
used by the department to pay home heating credits claimed pursuant
to section 527a of the income tax act of 1967, 1967 PA 281, MCL
206.527a, to the extent that credits under that section are not
fully funded pursuant to section 527a(19) of that act. The money in
the home heating credit fund shall not be used to replace funds
otherwise designated to fund the credits under section 527a of the
income tax act of 1967, 1967 PA 281, MCL 206.527a.
Enacting section 1. This act does not take effect unless all
of the following bills of the 94th Legislature are enacted into
law:
(a) Senate Bill No.____ or House Bill No. 4061(request no.
01181'07).
(b) Senate Bill No.____ or House Bill No. 4063(request no.
01183'07).