Section 206.1039 – Distributions.
206.1039 Distributions. Sec. 9. The money in the fund that is available for distribution shall be appropriated each year. Money granted or received as a gift or donation to the fund is available for distribution upon appropriation. History: 2016, Act 183, Imd. Eff. June 16, 2016
Section 206.993 – Construction and Interpretation of Act and Agreement.
206.993 Construction and interpretation of act and agreement. Sec. 13. This act and any agreement under this act shall not be construed or interpreted to do any of the following: (a) Give any designated beneficiary any rights or legal interest with respect to an account unless the designated beneficiary is the account owner. (b) Give […]
Section 206.994 – State Obligation.
206.994 State obligation. Sec. 14. (1) This act does not create and shall not be construed to create any obligation upon this state or any agency or instrumentality of this state to guarantee for the benefit of an account owner or designated beneficiary any of the following: (a) The rate of interest or other return […]
Section 206.995 – Annual Report.
206.995 Annual report. Sec. 15. Each program manager shall file an annual report with the treasurer that includes all of the following: (a) The names and identification numbers of account owners and designated beneficiaries. The information reported pursuant to this subdivision is not subject to the freedom of information act, 1976 PA 442, MCL 15.231 […]
Section 206.996 – Tax Exemption.
206.996 Tax exemption. Sec. 16. (1) Contributions to and interest earned on an ABLE savings account are exempt from taxation as provided in section 30 of the income tax act of 1967, 1967 PA 281, MCL 206.30. (2) Withdrawals made from ABLE savings accounts are taxable as provided in section 30 of the income tax […]
Section 206.997 – Consideration of Financial Circumstances for Purpose of Assistance Program; Effect of Able Savings Account.
206.997 Consideration of financial circumstances for purpose of assistance program; effect of ABLE savings account. Sec. 17. (1) Notwithstanding any other provision of law regarding an assistance program offered by this state that requires consideration of 1 or more financial circumstances of an individual, for the purpose of determining eligibility to receive, or the amount […]
Section 206.1011 – Short Title.
206.1011 Short title. Sec. 1. This act shall be known and may be cited as the “Michigan junior achievement fund act”. History: 2016, Act 181, Imd. Eff. June 16, 2016
Section 206.1013 – Definitions.
206.1013 Definitions. Sec. 3. As used in this act: (a) “Department” means the department of treasury. (b) “Fund” means the Michigan junior achievement fund created in section 5. History: 2016, Act 181, Imd. Eff. June 16, 2016
Section 206.1015 – Michigan Junior Achievement Fund; Creation; Purpose; Administrator; Amounts Credited Under MCL 206.435; Interest and Earnings; Other Appropriations, Money, or Value; Investment.
206.1015 Michigan junior achievement fund; creation; purpose; administrator; amounts credited under MCL 206.435; interest and earnings; other appropriations, money, or value; investment. Sec. 5. (1) The Michigan junior achievement fund is created in the department to provide funds for donation to any junior achievement organization located in this state to assist each organization in achieving […]
Section 206.1017 – Expenditures; Availability of Money Received as Gift or Donation; Distribution.
206.1017 Expenditures; availability of money received as gift or donation; distribution. Sec. 7. (1) The money, interest, and earnings of the fund shall be expended solely for the purposes described in this act. (2) Money granted or received as a gift or donation to the fund is available for distribution upon appropriation. (3) The department […]