September 20, 2006, Introduced by Senators WHITMER, THOMAS, BRATER, PRUSI, LELAND, CHERRY, OLSHOVE, SCHAUER and EMERSON and referred to the Committee on Finance.
A bill to establish the WARM Michigan fund in the department
of treasury; and to provide certain powers and duties of the
department of treasury with respect to the WARM Michigan credit
fund.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 1. This act shall be known and may be cited as the "WARM
Michigan fund act".
Sec. 2. (1) The WARM Michigan fund is created as a separate
fund in the department of treasury. The fund shall be expended only
as provided in this act.
(2) The state treasurer shall credit to the WARM Michigan fund
amounts contributed pursuant to section 436 of the income tax act
of 1967, 1967 PA 281, MCL 206.436.
(3) The state treasurer shall direct the investment of the
WARM Michigan fund money in the same manner as other funds are
invested. The state treasurer shall credit to the WARM Michigan
fund the interest and earnings from the WARM Michigan fund.
(4) Funds granted or funds received as gifts or donations to
the WARM Michigan fund shall be available for disbursement upon
appropriation.
(5) Money in the WARM Michigan fund at the close of the state
fiscal year shall remain in the WARM Michigan fund and shall not
lapse to the general fund.
Sec. 3. The money in the WARM Michigan fund shall be used by
the department for the following purposes in the following order of
priority:
(a) To pay home heating credits claimed pursuant to section
527a of the income tax act of 1967, 1967 PA 281, MCL 206.527a, to
the extent that credits under that section are not fully funded
pursuant to section 527a(19) of that act. The money in the home
heating credit fund shall not be used to replace funds otherwise
designated to fund the credits under section 527a of the income tax
act of 1967, 1967 PA 281, MCL 206.527a.
(b) Any amount remaining in the WARM Michigan fund after the
disbursements provided for in subdivision (a) shall be deposited
into the low-income and energy efficiency fund administered by the
Michigan public service commission.
Enacting section 1. This act does not take effect unless
Senate Bill No. 1474
of the 93rd Legislature is enacted into law.