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 any interest or 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.

Furthermore, the bill designates the department as the administrator of the MiABLE fund for audit purposes and outlines specific uses for the fund's expenditures. These include the administration of the Michigan ABLE savings program and reimbursement for asset-based and maintenance fees incurred during the fiscal year. The enactment of this bill is contingent upon the passage of Senate Bill No. 555 from the 103rd Legislature.

Statutes affected:
Senate Introduced Bill: 206.981, 206.997