STATE CAMPAIGN FUND TRANSFER S.B. 655: FLOOR ANALYSIS
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Senate Bill 655 (as reported without amendment) (as enrolled)
Sponsor: Senator Ron Jelinek
Committee: Appropriations
CONTENT
The bill would amend the Michigan Campaign Finance Act to appropriate $7.2 million from the balance of the State Campaign Fund to the General Fund.
Under the bill, $7.2 million from the State Campaign Fund would be appropriated to the General Fund for fiscal year 2006-07 only. Under statute, individual income taxpayers can designate $3 to the State Campaign Fund, and married couples can designate $6. Money in the State Campaign Fund is appropriated each year to be available during years in which a governor is elected. Money from the Fund is distributed to qualifying general and primary election candidates. Any money remaining in the Fund in excess of $10.0 million on December 31 of gubernatorial election years lapses to the General Fund.
MCL 169.261
FISCAL IMPACT
The bill would move money from a State restricted fund to the General Fund and would not impose costs on the State or local units of government. The State Campaign Fund currently has a balance of $7.2 million, which does not include contributions from tax year 2006. Contributions to the Fund are credited in October of each year.
This Fund balance transfer was part of the FY 2006-07 budget resolution.
Date Completed: 8-6-07 Fiscal Analyst: Stephanie Yu
Analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. sb655/0708