HOUSE BILL No. 5075

 

October 10, 2013, Introduced by Reps. Potvin, Kivela, Hooker, McBroom, Tlaib and Rendon and referred to the Committee on Tax Policy.

 

     A bill to establish the Michigan junior achievement 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

 

"Michigan junior achievement fund act".

 

     Sec. 3. As used in this act:

 

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

 

     (b) "Fund" means the Michigan junior achievement fund created

 

in section 5.

 

     Sec. 5. (1) The Michigan junior achievement fund is created in

 

the department to provide funds for donation to any junior

 

achievement organization located in this state to inspire and


 

prepare young people to succeed in a global economy by showing them

 

how to generate wealth and effectively manage it, how to create

 

jobs which make their communities more robust, and how to apply

 

entrepreneurial thinking to the workplace.

 

     (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.

 

     (3) 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 other appropriations, money, or other

 

things of value received by the fund.

 

     (4) The state treasurer shall direct the investment of the

 

fund.

 

     Sec. 7. (1) The money, interest, and earnings of the fund

 

shall be expended solely for the purposes described in this act.

 

     (2) Money granted or received as a gift or donation to the

 

fund is available for distribution upon appropriation to each

 

county from which a contribution, gift, or donation was received.

 

     Sec. 9. Money from the fund may be used as matching funds for

 

a federal grant if those funds are to be used for financial

 

literacy, entrepreneurship, and workforce readiness with junior

 

achievement organizations in this state and for the purposes

 

described under section 5.

 

     Sec. 11. The money in the fund that is available for

 

distribution shall be appropriated each year. Money in the fund at

 

the close of the year shall remain in the fund and shall not lapse


 

to the general fund.

 

     Enacting section 1. This act does not take effect unless

 

Senate Bill No. ____ or House Bill No. 5076 (request no. 03129'13)

 

of the 97th Legislature is enacted into law.