Bill > SB0574

This bill modifies the management and disbursement of the 21st Century Jobs Trust Fund, a special state fund established in the Michigan Department of Treasury. The fund currently consists of various revenue sources including tobacco settlement proceeds, general fund appropriations, and early stage venture investment deposits. The bill maintains existing provisions that allow the state treasurer to invest the fund's assets in authorized investments, with a requirement to comply with the Divestment from Terror Act. The bill continues the existing rule that most money in the fund does not revert to the general fund at the end of each fiscal year, with one key exception: all interest and earnings from the fund's investments must be deposited into the general fund. The legislation also preserves the current requirement of depositing $75 million annually from tobacco settlement revenues into the fund through fiscal year 2026. The state treasurer remains responsible for transferring and disbursing money from the fund according to established guidelines. The bill is set to take immediate effect, indicating its urgent or time-sensitive nature in managing state financial resources.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0574