Michigan Senate Bill SB0873

Michigan 2023-2024 Regular Session

• Introduced: 5/16/24
• Refer: 5/16/24

Caption

Individual income tax: other; MiAble fund; create. Amends 2015 PA 160 (MCL 206.981 - 206.997) by adding sec. 3a. TIE BAR WITH: SB 0874'24

Impact

The establishment of the MiABLE fund marks a significant advancement in Michigan's financial landscape for individuals with disabilities. It ensures dedicated resources for managing and growing funds that can be utilized for qualified expenses without affecting the beneficiaries' eligibility for state and federal benefits. Supporters see the bill as a positive development, facilitating better financial planning and security for individuals in the ABLE program. It underscores the state's commitment to enhancing the quality of life for those eligible, promoting independence and financial self-sufficiency.

Summary

Senate Bill 873 (SB0873) aims to amend the Michigan Achieving a Better Life Experience (ABLE) Program Act, specifically by introducing a new section (3a). This section creates the MiABLE fund within the state treasury, establishing a separate account to manage funds related to the Michigan ABLE savings program. The bill suggests that the state treasurer will be responsible for depositing money into this fund from sources including the income tax act, ensuring that the fund can accumulate interest and earnings. It emphasizes the long-term viability of the fund as it stipulates that funds will not lapse at the fiscal year's end but will carry over indefinitely.

Contention

While the bill appears to have substantial support, it is important to note that its enactment is contingent upon the passage of Senate Bill 874. This tie-bar provision may lead to some contention, as the necessity and implications of the associated bill could provoke discussions among legislators about the allocation of funds and financial management. Furthermore, it opens avenues for debate related to how the fund's administration will be conducted and whether it sufficiently addresses all stakeholders' needs, particularly those of the disabled community.