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.