SPECIAL OLYMPICS TAX CHECK-OFF S.B. 381 & 382:
FLOOR SUMMARY
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Senate Bills 381 and 382 (as reported without amendment)
Sponsor: Senator Rick Jones
Committee: Finance
CONTENT
Senate Bill 325 would enact the "Special Olympics Michigan Fund Act" to create the Fund to provide money for donation to Special Olympics Michigan.
The State Treasurer would have to credit to the Fund all amounts appropriated for this purpose under the Income Tax Act (from a proposed tax check-off), and money from any other source for deposit into the Fund.
The money, interest, and earnings of the Fund could be spent solely for donation to Special Olympics Michigan.
Senate Bill 382 would amend the Income Tax Act to create a tax check-off for the Special Olympics Michigan Fund, beginning with the 2012 tax year.
MCL 206.435 (S.B. 382) Legislative Analyst: Suzanne Lowe
FISCAL IMPACT
The bills would have a minimal impact on the administrative costs of the Department of Treasury, with some minor additional costs to adjust forms and account for revenue from the proposed income tax check-off.
Date Completed: 6-1-11 Fiscal Analyst: Elizabeth PrattAnalysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. sb381&382/1112