The bill amends the Michigan Trust Fund Act by updating sections 7 and 8, which pertain to the 21st Century Jobs Trust Fund. It establishes the fund within the Department of Treasury, detailing its sources of revenue, which include donations, tobacco settlement revenues, and appropriations from the general fund. Notably, the bill introduces new provisions that allow for amounts deposited in accordance with specific sections of the Income Tax Act of 1967 to be included in the trust fund. Additionally, it mandates that the state treasurer manage the fund's investments while ensuring compliance with the divestment from terror act.

Furthermore, the bill specifies the conditions under which funds can be transferred and disbursed from the 21st Century Jobs Trust Fund. It clarifies that funds may be used for programs outlined in the Michigan Strategic Fund Act, with a particular focus on the Michigan Innovation Fund program. The bill also stipulates that interest and earnings from the trust fund must be deposited into the general fund, and it ensures that funds at the end of the fiscal year remain in the trust fund rather than reverting to the general fund. The enactment of this bill is contingent upon the passage of Senate Bill No. 1072.

Statutes affected:
Senate Introduced Bill: 12.257, 12.258