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SB-913, As Passed Senate, June 25, 2026
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SENATE BILL NO. 913
A bill to amend 2000 PA 489, entitled
"Michigan trust fund act,"
by amending section 7 (MCL 12.257), as amended by 2025 PA 28.
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
April 22, 2026, Introduced by Senator CAMILLERI and referred to Committee on Appropriations.
2
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tobacco settlement finance authority act, 2005 PA 226, MCL 129.268, 1
the net proceeds of the sale of tobacco settlement revenues to the 2
tobacco settlement finance authority under the Michigan tobacco 3
settlement finance authority act, 2005 PA 226, MCL 129.261 to 4
129.279. 5
(b) Amounts appropriated from the general fund in section 6
89b(1) of the Michigan strategic fund act, 1984 PA 270, MCL 7
125.2089b. 8
(c) Amounts deposited in the 21st century jobs trust fund in 9
accordance with section 7(c)(i) or 33 of the Michigan early stage 10
venture investment act of 2003, 2003 PA 296, MCL 125.2237 and 11
125.2263. 12
(2) The state treasurer shall direct the investment of the 13
21st century jobs trust fund, which may be invested as part of the 14
common cash of this state under 1967 PA 55, MCL 12.51 to 12.53, but 15
must be separately accounted for by the state treasurer. The state 16
treasurer may invest the money or assets of the 21st century jobs 17
trust fund in any investment authorized under 1855 PA 105, MCL 18
21.141 to 21.147, for surplus funds of this state, in obligations 19
issued by any state or political subdivision or instrumentality of 20
the United States, or in any obligation issued, assumed, or 21
guaranteed by a solvent entity created or existing under the laws 22
of the United States or of any state, district, or territory of the 23
United States that are not in default as to principal or interest. 24
In addition, the state treasurer shall comply with the divestment 25
from terror act, 2008 PA 234, MCL 129.291 to 129.301, in making 26
investments under this section. 27
(3) Except as provided in subsection (4), money in the 21st 28
century jobs trust fund at the close of a fiscal year remains in 29
3
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the 21st century jobs trust fund and does not revert to the general 1
fund. 2
(4) Interest and earnings from investment of the 21st century 3
jobs trust fund must be deposited in the general fund. 4
(5) Beginning in fiscal year 2008, and through fiscal year 5
2026, each Each fiscal year, $75,000,000.00 of the tobacco 6
settlement revenue received by this state that is not considered a 7
TSR, as that term is defined in section 3 of the Michigan tobacco 8
settlement finance authority act, 2005 PA 226, MCL 129.263, must be 9
deposited into the 21st century jobs trust fund. 10
(6) The state treasurer shall transfer and disburse money from 11
the 21st century jobs trust fund in accordance with section 8. 12