The bill amends the existing law regarding the 21st Century Jobs Trust Fund, which is established within the Department of Treasury. It outlines the sources of funding for the trust fund, including donations, net proceeds from the sale of tobacco settlement revenues, appropriations from the general fund, and amounts deposited in accordance with specific sections of the Michigan Early Stage Venture Investment Act. The state treasurer is tasked with directing the investment of the fund, ensuring it is separately accounted for, and complying with the divestment from terror act when making investments.

Additionally, the bill stipulates that money in the 21st Century Jobs Trust Fund at the end of a fiscal year will remain in the fund and not revert to the general fund, with the exception of interest and earnings from investments, which must be deposited into the general fund. It mandates that from fiscal year 2008 through fiscal year 2026, $75 million of tobacco settlement revenue that is not classified as TSR must be deposited into the trust fund each year. The act is set to take immediate effect upon approval.

Statutes affected:
Senate Introduced Bill: 12.257
As Passed by the Senate: 12.257
As Passed by the House: 12.257
Public Act: 12.257