The bill amends the Michigan Achieving a Better Life Experience (ABLE) Program Act by adding a new section, 3a, which establishes the MiABLE fund within the state treasury. This fund will receive deposits from the state treasurer, including money from the income tax act and other sources. The treasurer is also responsible for directing the investment of the fund's assets and ensuring that interest and earnings are credited back to the MiABLE fund.

Additionally, the bill stipulates that any money remaining in the MiABLE fund at the end of the fiscal year will not lapse to the general fund, ensuring its availability for future use. The Department is designated as the administrator of the fund for audit purposes and is authorized to expend money from the fund for specific purposes, including the administration of the Michigan ABLE savings program and reimbursement of certain fees. The enactment of this bill is contingent upon the passage of Senate Bill No. 555.

Statutes affected:
Senate Introduced Bill: 206.981, 206.997