INDIVIDUAL OR FAMILY DEV'T ACCOUNTS S.B. 1635:
FLOOR SUMMARY
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Senate Bill 1635 (as reported without amendment)
Sponsor: Senator Mark C. Jansen
Committee: Families and Human Services
CONTENT
The bill would amend the Individual or Family Development Account Program Act to allow an account to be established for a qualified home improvement (the purchase and installation of a qualified Energy Star product).
The Act provides for the Individual or Family Development Account Program within the Michigan State Housing Development Authority, and requires the program to give eligible individuals and families an opportunity to establish accounts for one or more of the following purposes:
-- To pay educational expenses for the individual account holder who will be 17 years of age or older when the funds in the account will be used.
-- For the first-time purchase of a primary residence by the individual account holder.
-- For start-up capitalization of a business for the individual account holder who is at least 18 years old.
Under the bill, an account also could be established for qualified home improvements.
"Qualified home improvement" would mean the purchase and installation of any qualified Energy Star product intended for residential or noncommercial use that meets or exceeds the applicable Energy Star energy efficiency guidelines developed by the U.S. Environmental Protection Agency and the U.S. Department of Energy, including windows, doors, insulation, high efficiency heating and cooling equipment, and any appliances such as dishwashers, clothes washers, and refrigerators.
MCL 206.702-206.704 Legislative Analyst: Suzanne Lowe
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
Date Completed: 11-17-08 Fiscal Analyst: Elizabeth Pratt
Maria Tyszkiewicz
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. sb1635/0708