The bill amends the Michigan Trust Fund Act to establish the 21st Century Jobs Trust Fund within the Department of Treasury. This fund will consist of donations and specific revenue sources, including net proceeds from tobacco settlement revenues, appropriations from the general fund, and amounts deposited under 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 while complying with investment regulations and the divestment from terror act.

Additionally, the bill specifies that each fiscal year, $75 million of tobacco settlement revenue that is not classified as a Tobacco Settlement Revenue (TSR) must be deposited into the 21st Century Jobs Trust Fund. It also clarifies that money in the fund at the end of a fiscal year will remain in the fund, with the exception of interest and earnings, which will be deposited into the general fund. The state treasurer is responsible for transferring and disbursing funds from the trust in accordance with established guidelines.

Statutes affected:
Senate Introduced Bill: 12.257
As Passed by the Senate: 12.257