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 the sale of 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, 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, except for interest and earnings from investments, which must be deposited into the general fund. It also modifies the requirement for annual deposits into the trust fund, specifying that each fiscal year, $75 million of tobacco settlement revenue that is not classified as a TSR must be deposited into the fund.

Statutes affected:
Senate Introduced Bill: 12.257