A bill to amend 2015 PA 160, entitled “Michigan achieving a better life experience (ABLE) program act,” (MCL 206.981 to 206.997) by adding section 3a.
Senate Bill 873 would create the MiABLE fund within the state treasury. This fund is designed to receive deposits from various sources, including money and assets under section 51 of the income tax act of 1967, and other sources. The state treasurer is tasked with directing the investment of these funds and crediting the interest and earnings back to the MiABLE fund. Importantly, the balance of the MiABLE fund at the end of the fiscal year will not revert to the general fund but will remain within the MiABLE fund.
The Department of Treasury will administer the fund, overseeing audits and expenditures. Expenditures from the fund are specifically limited to the administration of the Michigan ABLE savings program and the reimbursement of certain fees associated with the program for that fiscal year. The enactment of this bill is contingent upon the passage of Senate Bill No. 874.
Introduced
by
Referred to the Committee on Finance, Insurance, and Consumer Protection
