2023 Senate Bill 614 / Public Act 282

Co-sponsored by Sens. Aric Nesbitt (R-20), Winnie Brinks (D-29), Mark Huizenga (R-30), Jeremy Moss (D-7), Ed McBroom (R-38), Kristen McDonald Rivet (D-35) and Mary Cavanagh (D-6)

1. Amend page 6, following line 18, by inserting:

“(l) Except as otherwise provided in this subdivision, a list of each asset and sources of unearned income, excluding a business asset, held for investment or production of income by the spouse of the candidate for office with a fair market value of $50,000.00 or more during the reporting period. The fair market value for the purpose of listing each asset, excluding a business asset, held for investment or production income under this subdivision must be adjusted for inflation every 4 years using the Detroit Consumer Price Index.

(m) Except as otherwise provided in this subdivision, a list of any stocks, bonds, or other forms of securities held by the spouse of the candidate for office, if the security has a fair market value of $50,000.00 or more. The fair market value for the purpose of listing stocks, bonds, or other forms of securities under this subdivision must be adjusted for inflation every 4 years using the Detroit Consumer Price Index. For purposes of this subdivision, the spouse of the candidate for office is not required to disclose a stock in a widely held investment fund, including, but not limited to, a mutual fund, regulated investment company, pension or deferred compensation plan, or other investment fund, if the fund is publicly traded or the assets of the fund are widely diversified.

(n) A list of any real property in which the spouse of the candidate for office holds an ownership or other financial interest. For purposes of this subdivision, the spouse of the candidate for office is required to include a real property asset in the report only if that real property has a fair market value of $50,000.00 or more during the reporting period. A public officer filing a report may exclude the street number of a parcel of real property held by the spouse of the candidate for office under this subdivision.”.

1. Amend page 4, line 13, after “office,” by striking out “and”.

2. Amend page 4, line 14, after “spouse” by inserting a comma and “and a description of any interest the spouse of the candidate for office has in a legal entity that conducts business in this state and the name of that legal entity”.

1. Amend page 2, following line 13, by inserting:

“(vii) Regent of the University of Michigan, member of the board of trustees of Michigan State University, or member of the board of governors of Wayne State University.”.

1. Amend page 2, following line 13, by inserting:

“(vii) State board of education.”.

1. Amend page 6, following line 18, by inserting:

“(l) A list of all gifts and travel payments received or made on behalf of the candidate for office from an individual, partnership, corporation, association, or other legal entity that have a value of $1,000.00 or more during the reporting period.”.

1. Amend page 2, following line 14, by inserting:

“(d) “Dependent” means an individual claimed by the candidate for office or the spouse of the candidate for office as a dependent for federal income tax purposes.” and relettering the remaining subdivisions.

2. Amend page 6, following line 18, by inserting:

“(l) The following information regarding each dependent. For purposes of this subdivision, the candidate for office may refer to each dependent using the dependent’s first and last initial:

(i) The number of dependents that the candidate for office and the spouse of the candidate for office claim for federal income tax purposes.

(ii) The principal activity of each employer of each dependent if the dependent’s total earned income from the employer equals $50,000.00 or more during the reporting period.

(iii) A list of any real property in which the dependent holds an ownership or other financial interest. For purposes of this subparagraph, the dependent is required to include a real property asset in the report only if that real property has a fair market value of $50,000.00 or more during the reporting period. A candidate for office filing a report may exclude the street number of a parcel of real property held by the dependent under this subparagraph.

(iv) Except as otherwise provided in this subparagraph, a list of each asset and sources of unearned income, excluding a business asset, held for investment or production of income by each dependent with a fair market value of $50,000.00 or more during the reporting period. The fair market value for the purpose of listing each asset, excluding a business asset, held for investment or production income under this subparagraph must be adjusted for inflation every 4 years using the Detroit Consumer Price Index.

(v) Except as otherwise provided in this subparagraph, a list of any stocks, bonds, or other forms of securities held by each dependent if the security has a fair market value of $50,000.00 or more. The fair market value for the purpose of listing stocks, bonds, or other forms of securities under this subparagraph must be adjusted for inflation every 4 years using the Detroit Consumer Price Index. For purposes of this act, the dependent is not required to disclose a stock in a widely held investment fund, including, but not limited to, a mutual fund, regulated investment company, pension or deferred compensation plan, or other investment fund, if the fund is publicly traded or the assets of the fund are widely diversified.

(vi) A description of any interest each dependent had during the reporting period in a legal entity that conducts business in this state, including the name of the legal entity, if the interest has a book value of $50,000.00 or more.”.

1. Amend page 6, following line 18, by inserting:

“(l) A description of all contracts entered into, or in which the candidate for office or spouse of the candidate for office has an interest, with this state.”.

1. Amend page 15, line 1, after “than” by striking out “$2,000.00” and inserting “$10,000.00”.

1. Amend page 15, line 8, by striking out all of enacting section 1 and inserting:

“Enacting section 1. This act does not take effect unless all of the following bills of the 102nd Legislature are enacted into law:

(a) Senate Bill No. 374.

(b) Senate Bill No. 613.”.

1. Amend page 4, line 12, after “(c)” by striking out “The” and inserting “Beginning January 1, 2028, the”.

2. Amend page 4, line 15, after “(d)” by striking out “Whether” and inserting “Beginning January 1, 2028, whether”.

3. Amend page 5, line 18, after “or” by inserting a comma and “beginning January 1, 2028,”.

1. Amend page 5, line 2, after “period” by striking out the balance of the subdivision and inserting “and indicate whether the amount received from each source is less than $1,000.00, between $1,000.00 and $2,500.00, $2,500.00 and $5,000.00, $5,000.00 and $15,000.00, $15,000.00 and $50,000.00, $50,000.00 and $100,000.00, or $100,000.00 and $1,000,000.00, or $1,000,000.00 or more.”.

2. Amend page 5, line 6, after “income” by striking out “with a fair market value of $1,000.00 or more during the reporting period”.

3. Amend page 5, line 7, after “income” by striking out “that exceeds $200.00”.

4. Amend page 5, line 12, after “$1,000.00.” by inserting “Both of the following apply under this subdivision:

(i) For purposes of listing each asset, excluding a business asset, held for investment or production of income, the public officer shall indicate whether the fair market value of each asset is less than $1,000,00, between $1,000.00 and $2,500.00, $2,500.00 and $5,000.00, $5,000.00 and $15,000.00, $15,000.00 and $50,000.00, $50,000.00 and $100,000.00, or $100,000.00 and $1,000,000.00, or $1,000,000.00 or more.

(ii) For purposes of listing each source of unearned income, the public officer shall indicate whether the amount received from each source of unearned income is less than $1,000,00, between $1,000.00 and $2,500.00, $2,500.00 and $5,000.00, $5,000.00 and $15,000.00, $15,000.00 and $50,000.00, $50,000.00 and $100,000.00, or $100,000.00 and $1,000,000.00, or $1,000,000.00 or more.”.

1. Amend page 4, line 12, after “spouse” by inserting “and each immediate family member”.

2. Amend page 4, line 17, after “period.” By inserting “As used in this subsection, “immediate family member” means the public officer’s parent, stepparent, sibling, stepsibling, child, or stepchild.”.