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KAS S04600'25_SB1073_INTR_1 fix0as
SENATE BILL NO. 1073
A bill to amend 2000 PA 489, entitled
"Michigan trust fund act,"
by amending sections 7 and 8 (MCL 12.257 and 12.258), section 7 as
amended by 2025 PA 28 and section 8 as amended by 2024 PA 188.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 7. (1) The 21st century jobs trust fund is established in 1
the department of treasury. The 21st century jobs trust fund 2
consists of donations of money made to the 21st century jobs trust 3
fund from any source and all of the following: 4
(a) To the extent provided in section 8(1) of the Michigan 5
tobacco settlement finance authority act, 2005 PA 226, MCL 129.268, 6
June 24, 2026, Introduced by Senator WEBBER and referred to Committee on Appropriations.
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the net proceeds of the sale of tobacco settlement revenues to the 1
tobacco settlement finance authority under the Michigan tobacco 2
settlement finance authority act, 2005 PA 226, MCL 129.261 to 3
129.279. 4
(b) Amounts appropriated from the general fund in section 5
89b(1) of the Michigan strategic fund act, 1984 PA 270, MCL 6
125.2089b. 7
(c) Amounts deposited in the 21st century jobs trust fund in 8
accordance with section 7(c)(i) or 33 of the Michigan early stage 9
venture investment act of 2003, 2003 PA 296, MCL 125.2237 and 10
125.2263. 11
(d) Amounts deposited in the 21st century jobs trust fund in 12
accordance with sections 51i and 695 of the income tax act of 1967, 13
1967 PA 281, MCL 206.51i and 206.695. 14
(2) The state treasurer shall direct the investment of the 15
21st century jobs trust fund, which may be invested as part of the 16
common cash of this state under 1967 PA 55, MCL 12.51 to 12.53, but 17
must be separately accounted for by the state treasurer. The state 18
treasurer may invest the money or assets of the 21st century jobs 19
trust fund in any investment authorized under 1855 PA 105, MCL 20
21.141 to 21.147, for surplus funds of this state, in obligations 21
issued by any state or political subdivision or instrumentality of 22
the United States, or in any obligation issued, assumed, or 23
guaranteed by a solvent entity created or existing under the laws 24
of the United States or of any state, district, or territory of the 25
United States that are not in default as to principal or interest. 26
In addition, the state treasurer shall comply with the divestment 27
from terror act, 2008 PA 234, MCL 129.291 to 129.301, in making 28
investments under this section. 29
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(3) Except as provided in subsection (4), money in the 21st 1
century jobs trust fund at the close of a fiscal year remains in 2
the 21st century jobs trust fund and does not revert to the general 3
fund. 4
(4) Interest and earnings from investment of the 21st century 5
jobs trust fund must be deposited in the general fund. 6
(5) Beginning in fiscal year 2008, and through fiscal year 7
2026, each fiscal year, $75,000,000.00 of the tobacco settlement 8
revenue received by this state that is not considered a TSR, as 9
that term is defined in section 3 of the Michigan tobacco 10
settlement finance authority act, 2005 PA 226, MCL 129.263, must be 11
deposited into the 21st century jobs trust fund. 12
(6) The state treasurer shall transfer and disburse money from 13
the 21st century jobs trust fund in accordance with section 8. 14
Sec. 8. (1) Except as otherwise provided in subsection (2), on 15
request from the fund board, as that term is defined in section 88a 16
of the Michigan strategic fund act, 1984 PA 270, MCL 125.2088a, the 17
state treasurer shall transfer and disburse money from the 21st 18
century jobs trust fund on appropriation only for the purpose of 19
carrying out and at the specified time and as necessary to 20
implement programs under chapter 8A, chapter 8B, and chapter 8C of 21
the Michigan strategic fund act, 1984 PA 270, MCL 125.2088 to 22
125.2090d. 23
(2) The money described in subsection (1)(c) and (d) of 24
section 7 may be transferred and disbursed under subsection (1) 25
only for the purpose of the Michigan innovation fund program 26
created in section 88u of the Michigan strategic fund act, 1984 PA 27
270, MCL 125.2088u. 28
Enacting section 1. This amendatory act does not take effect 29
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Final Page
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unless Senate Bill No. 1072 of the 103rd Legislature is enacted 1
into law. 2