SENATE BILL No. 76

 

 

January 25, 2005, Introduced by Senators VAN WOERKOM, GILBERT, ALLEN, KUIPERS, GARCIA, GOSCHKA, BASHAM and THOMAS and referred to the Committee on Finance.

 

 

 

 

 

 

     A bill to establish the state home heating credit fund in the

 

department of treasury; and to provide certain powers and duties of

 

the department of treasury with respect to the home heating credit

 

fund.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 1. This act shall be known and may be cited as the "home

 

heating credit fund act".

 

     Sec. 2. (1) The home heating credit 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 home heating

 

credit fund all amounts designated for the home heating credit fund

 

pursuant to section 437 of the income tax act of 1967, 1967 PA 281,

 

MCL 206.437.


 

     (3) The state treasurer shall direct the investment of the

 

home heating credit fund money in the same manner as other funds

 

are invested. The state treasurer shall credit to the home heating

 

credit fund the interest and earnings from the home heating credit

 

fund.

 

     (4) Money collected as an energy replacement tax and deposited

 

in the home heating credit fund under the home heating energy

 

assistance act shall be available for disbursement upon

 

appropriation.

 

     (5) Funds granted or funds received as gifts or donations to

 

the home heating credit fund shall be available for disbursement

 

upon appropriation.

 

     (6) Money in the home heating credit fund at the close of the

 

state fiscal year shall remain in the home heating credit fund and

 

shall not lapse to the general fund.

 

     Sec. 3. (1) Each year that the contribution designation

 

program under section 437 of the income tax act of 1967, 1967 PA

 

281, MCL 206.437, is in effect, an amount equal to the cumulative

 

designations made under that section less the annual amount

 

appropriated to the department of treasury for the purpose of

 

administering the home heating credit fund and implementing section

 

437 of the income tax act of 1967, 1967 PA 281, MCL 206.437, shall

 

be appropriated from the general fund to the home heating credit

 

fund in the department of treasury for use solely in support of the

 

purposes provided in this act.

 

     (2) The money in the home heating credit fund shall be used by

 

the department 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 the income tax act of

 

1967, 1967 PA 281, MCL 206.527a. 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.