SENATE BILL No. 256

 

 

March 4, 2003, Introduced by Senators VAN WOERKOM, THOMAS, BIRKHOLZ, GOSCHKA, BASHAM, GARCIA and KUIPERS 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:                      

                                                                                

1       Sec. 1.  This act shall be known and may be cited as the                    

                                                                                

2   "home heating credit fund act".                                             

                                                                                

3       Sec. 2.  (1) The home heating credit fund is created as a                   

                                                                                

4   separate fund in the department of treasury.  The fund shall be             

                                                                                

5   expended only as provided in this act.                                      

                                                                                

6       (2) The state treasurer shall credit to the home heating                    

                                                                                

7   credit fund all amounts designated for the home heating credit              

                                                                                

8   fund pursuant to section 437 of the income tax act of 1967, 1967            

                                                                                

9   PA 281, MCL 206.437.                                                        

                                                                                

10      (3) The state treasurer shall direct the investment of the                  

                                                                                


                                                                                

1   home heating credit fund money in the same manner as other funds            

                                                                                

2   are invested.  The state treasurer shall credit to the home                 

                                                                                

3   heating credit fund the interest and earnings from the home                 

                                                                                

4   heating credit fund.                                                        

                                                                                

5       (4) Money collected as an energy replacement tax and                        

                                                                                

6   deposited in the home heating credit fund under the home heating            

                                                                                

7   energy assistance act shall be available for disbursement upon              

                                                                                

8   appropriation.                                                              

                                                                                

9       (5) Funds granted or funds received as gifts or donations to                

                                                                                

10  the home heating credit fund shall be available for disbursement            

                                                                                

11  upon appropriation.                                                         

                                                                                

12      (6) Money in the home heating credit fund at the close of the               

                                                                                

13  state fiscal year shall remain in the home heating credit fund              

                                                                                

14  and shall not lapse to the general fund.                                    

                                                                                

15      Sec. 3.  (1) Each year that the contribution designation                    

                                                                                

16  program under section 437 of the income tax act of 1967, 1967               

                                                                                

17  PA 281, MCL 206.437, is in effect, an amount equal to the                   

                                                                                

18  cumulative designations made under that section less the annual             

                                                                                

19  amount appropriated to the department of treasury for the purpose           

                                                                                

20  of administering the home heating credit fund and implementing              

                                                                                

21  section 437 of the income tax act of 1967, 1967 PA 281,                     

                                                                                

22  MCL 206.437, shall be appropriated from the general fund to the             

                                                                                

23  home heating credit fund in the department of treasury for use              

                                                                                

24  solely in support of the purposes provided in this act.                     

                                                                                

25      (2) The money in the home heating credit fund shall be used                 

                                                                                

26  by the department to pay home heating credits claimed pursuant to           

                                                                                

27  section 527a of the income tax act of 1967, 1967 PA 281,                    

                                                                                


                                                                                

1   MCL 206.527a, to the extent that credits under that section are             

                                                                                

2   not fully funded pursuant to section 527a(19) of that act.  The             

                                                                                

3   money in the home heating credit fund shall not be used to                  

                                                                                

4   replace funds otherwise designated to fund the credits under                

                                                                                

5   section 527a of the income tax act of 1967, 1967 PA 281,                    

                                                                                

6   MCL 206.527a.