Individual income tax: other; MiAble fund; create. Amends 2015 PA 160 (MCL 206.981 - 206.997) by adding sec. 3a. TIE BAR WITH: SB 555'25
Impact
The establishment of the MiABLE fund is expected to create a more efficient framework for managing contributions and investments associated with the ABLE program. Funds deposited in this account will not lapse at the end of the fiscal year, ensuring continuous availability for program administration and participant needs. Additionally, the bill mandates that the state treasurer oversees the fund's investments, aiming to provide better returns for individuals utilizing the savings program.
Summary
Senate Bill 556 is designed to amend the 2015 Michigan Achieving a Better Life Experience (ABLE) Program Act by establishing the MiABLE fund within the state treasury. This fund will facilitate the management and investment of money and assets accumulated through various sources, including state income tax revenue. The bill aims to enhance the financial resources available under the ABLE program, providing a structured opportunity for individuals with disabilities to save money without jeopardizing their eligibility for public assistance programs.
Contention
While the bill seeks to bolster financial security for individuals with disabilities, there may be points of contention surrounding the accountability and transparency of fund management. Stakeholders may raise concerns regarding how the investments will be handled and whether the program can effectively meet the demands of its participants. Moreover, ties between this bill and Senate Bill 555 suggest that discussions could engage topics related to broader financial regulations and their implications for state-managed funds.
Same As
Individual income tax: revenue distributions; earmark for MiAble fund; provide for. Amends sec. 51 of 1967 PA 281 (MCL 206.51). TIE BAR WITH: SB 556'25
Individual income tax: revenue distributions; earmark for MiAble fund; provide for. Amends sec. 51 of 1967 PA 281 (MCL 206.51). TIE BAR WITH: SB 0873'24
Individual income tax: other; expenditures from the renew Michigan fund; modify. Amends sec. 51g of 1967 PA 281 (MCL 206.51g). TIE BAR WITH: HB 5333'23
Individual income tax: deductions; deduction for family leave optimal coverage benefits; provide for. Amends sec. 30 of 1967 PA 281 (MCL 206.30). TIE BAR WITH: SB 0332'23
State management: funds; Michigan mobility trust fund; create. Amends 2000 PA 489 (MCL 12.251 - 12.262) by adding sec. 4a. TIE BAR WITH: SB 0559'23, SB 0562'23, HB 5769'24
Individual income tax: exemptions; broadband expansion grants; exempt from taxable income. Amends secs. 30, 623 & 815 of 1967 PA 281 (MCL 206.30 et seq.).