reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 513 of 2006 - Individual or Family Development Account Program Act (206.901 - 206.911) › Section 206.905 - Participant Savings Plan Agreement; Matching Funds; Distributions; Manner.

206.905 Participant savings plan agreement; matching funds; distributions; manner.
Sec. 5.
(1) A program site shall enter into a participant savings plan agreement with each account holder who is approved to establish an individual or family development account.
(2) Upon request from a program site, the fiduciary organization shall provide matching funds for contributions to an account by an account holder according to a participant savings plan agreement. Only the fiduciary organization shall expend funds to provide matching funds or for account holder support services.
(3) Matching fund distributions shall be made on behalf of an account holder according to participant savings plan agreements at the same time that an account holder withdraws money to pay qualified expenses. Matching distributions shall be at least a match of $1.00 for every $1.00 withdrawn from an account by an account holder to pay expenses for a purpose described in section 4(7) or for a purpose approved by the agency.
(4) Matching distributions under this section shall be made by check to the order of the account holder and the entity the account holder is paying.
History:
2006, Act 513, Eff. Jan. 1, 2007 ;-- Am. 2008, Act 450, Imd. Eff. Jan. 9, 2009
Compiler's Notes:
This section as originally enacted was assigned the compilation number "206.705". To avoid a conflict with another section numbered "206.705", this section has been renumbered as 206.905.
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 513 of 2006 - Individual or Family Development Account Program Act (206.901 - 206.911) › Section 206.906 - Withdrawal Matched by Program Site; Contingent Beneficiary; Financial Institution Not Responsible for Verification.

206.906 Withdrawal matched by program site; contingent beneficiary; financial institution not responsible for verification.
Sec. 6.
(1) Money withdrawn during a calendar year from an individual or family development account by an account holder for a purpose under section 4 shall be matched by the program site as provided in the participant savings plan agreement between the account holder and the program site.
(2) An account holder shall name at least 1 contingent beneficiary at the time the account is established and may change beneficiaries at any time. If an account holder dies, the account shall be transferred to a contingent beneficiary. If the named beneficiary is deceased or otherwise cannot accept the transfer, the money shall be transferred to the estate of the beneficiary.
(3) A financial institution is not responsible for verifying whether or not withdrawals from accounts held at that financial institution are made in accordance with and for a purpose allowed under section 4.
History:
2006, Act 513, Eff. Jan. 1, 2007
Compiler's Notes:
This section as originally enacted was assigned the compilation number "206.706". To avoid a conflict with sections added to 1967 PA 281, this section has been renumbered as 206.906.
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 513 of 2006 - Individual or Family Development Account Program Act (206.901 - 206.911) › Section 206.907, 206.908 - Repealed. 2011, Act 38, Eff. Jan. 1, 2012.

206.907, 206.908 Repealed. 2011, Act 38, Eff. Jan. 1, 2012.
Compiler's Notes:
The repealed sections pertained to eligibility for tax credit and limitation on total amount of credits.
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 513 of 2006 - Individual or Family Development Account Program Act (206.901 - 206.911) › Section 206.909 - Administration of Individual or Family Development Account Program by Fiduciary Organization; Report.

206.909 Administration of individual or family development account program by fiduciary organization; report.
Sec. 9.
(1) A fiduciary organization selected to administer an individual or family development account program under this act shall file with the agency an annual report of the fiduciary organization’s individual development account program activity related to accounts established for the first-time purchase of a primary residence or for qualified home improvements. The report shall be filed no later than September 30 each year. The report shall include, but is not limited to, all of the following:
(a) The number of individual development accounts established for the first-time purchase of a primary residence and for qualified home improvements and administered by the fiduciary organization.
(b) The amount of deposits and matching deposits for each account.
(c) The purpose of each account.
(d) The number of withdrawals made.
(e) The number of terminated accounts and the reasons for termination.
(f) Any other information the agency may require for the purpose of making a return on investment analysis.
(2) A fiduciary organization selected to administer an individual or family development account program under this act shall file with the department an annual report of the fiduciary organization’s individual development account program activity related to accounts established either for educational purposes or capitalization of a business. The report shall be filed no later than September 30 each year. The report shall include, but is not limited to, all of the following:
(a) The number of individual development accounts established either for educational purposes or capitalization of a business and administered by the fiduciary organization.
(b) The amount of deposits and matching deposits for each account.
(c) The purpose of each account.
(d) The number of withdrawals made.
(e) The number of terminated accounts and the reasons for termination.
(f) Any other information the department may require for the purpose of making a return on investment analysis.
(3) Not later than December 31 of each year, the agency and the department shall jointly file with the clerk of the house of representatives and the secretary of the senate a report that includes all of the information under subsections (1) and (2) and copies of any changes in policies or procedures used to administer this act that occurred during the year.
History:
2006, Act 513, Eff. Jan. 1, 2007 ;-- Am. 2008, Act 450, Imd. Eff. Jan. 9, 2009
Compiler's Notes:
This section as originally enacted was assigned the compilation number "206.709". To avoid a conflict with another section numbered "206.709", this section has been renumbered as 206.909.
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 513 of 2006 - Individual or Family Development Account Program Act (206.901 - 206.911) › Section 206.910 - Rules.

206.910 Rules.
Sec. 10.
The Michigan state housing development authority and the department, in consultation with one another, may promulgate rules as needed to implement their respective responsibilities under this act under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328.
History:
2006, Act 513, Eff. Jan. 1, 2007 ;-- Am. 2008, Act 450, Imd. Eff. Jan. 9, 2009
Compiler's Notes:
This section as originally enacted was assigned the compilation number "206.710". To avoid a conflict with sections added to 1967 PA 281, this section has been renumbered as 206.910.
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 513 of 2006 - Individual or Family Development Account Program Act (206.901 - 206.911) › Section 206.911 - Effective Date.

206.911 Effective date.
Sec. 11.
This act takes effect January 1, 2007.
History:
2006, Act 513, Eff. Jan. 1, 2007
Compiler's Notes:
This section as originally enacted was assigned the compilation number "206.711". To avoid a conflict with another section numbered "206.711", this section has been renumbered as 206.911.
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 347 of 2010 - Girl Scouts of Michigan Fund Act (206.921 - 206.926) › Section 206.921 - Short Title.

206.921 Short title.
Sec. 1.
This act shall be known and may be cited as the "girl scouts of Michigan fund act".
History:
2010, Act 347, Imd. Eff. Dec. 21, 2010
Compiler's Notes:
This section as originally enacted was assigned the compilation number "206.721". To avoid a conflict, this section has been renumbered as 206.921.
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 347 of 2010 - Girl Scouts of Michigan Fund Act (206.921 - 206.926) › Section 206.922 - Definitions.

206.922 Definitions.
Sec. 2.
As used in this act:
(a) "Department" means the department of treasury.
(b) "Fund" means the girl scouts of Michigan fund created in section 3.
History:
2010, Act 347, Imd. Eff. Dec. 21, 2010
Compiler's Notes:
This section as originally enacted was assigned the compilation number "206.722". To avoid a conflict, this section has been renumbered as 206.922.
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 347 of 2010 - Girl Scouts of Michigan Fund Act (206.921 - 206.926) › Section 206.923 - Girl Scouts of Michigan Fund; Creation; Purpose; Amounts Credited to Fund; Investment.

206.923 Girl scouts of Michigan fund; creation; purpose; amounts credited to fund; investment.
Sec. 3.
(1) The girl scouts of Michigan fund is created in the department to provide funds for donation to any girl scout organization located in this state to prepare young people to make ethical and moral choices over their lifetimes by instilling in them the values of the scout oath and law.
(2) The state treasurer shall credit to the fund all amounts appropriated for this purpose under section 435 of the income tax act of 1967, 1967 PA 281, MCL 206.435.
(3) The fund shall consist of the money credited to the fund pursuant to section 435 of the income tax act of 1967, 1967 PA 281, MCL 206.435, any interest and earnings accruing from the saving and investment of that money, and other appropriations, money, or other things of value received by the fund.
(4) The state treasurer shall direct the investment of the fund.
History:
2010, Act 347, Imd. Eff. Dec. 21, 2010
Compiler's Notes:
This section as originally enacted was assigned the compilation number "206.723". To avoid a conflict, this section has been renumbered as 206.923.
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 347 of 2010 - Girl Scouts of Michigan Fund Act (206.921 - 206.926) › Section 206.924 - Expenditures; Availability of Gift or Donation for Distribution.

206.924 Expenditures; availability of gift or donation for distribution.
Sec. 4.
(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 to each county from which a contribution, gift, or donation was received.
History:
2010, Act 347, Imd. Eff. Dec. 21, 2010
Compiler's Notes:
This section as originally enacted was assigned the compilation number "206.724". To avoid a conflict, this section has been renumbered as 206.924.
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 347 of 2010 - Girl Scouts of Michigan Fund Act (206.921 - 206.926) › Section 206.925 - Matching Funds.

206.925 Matching funds.
Sec. 5.
Money from the fund may be used as matching funds for a federal grant if those funds are to be used for the purposes described under section 3.
History:
2010, Act 347, Imd. Eff. Dec. 21, 2010
Compiler's Notes:
This section as originally enacted was assigned the compilation number "206.725". To avoid a conflict, this section has been renumbered as 206.925.
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 347 of 2010 - Girl Scouts of Michigan Fund Act (206.921 - 206.926) › Section 206.926 - Appropriation; Money Remaining in Fund.

206.926 Appropriation; money remaining in fund.
Sec. 6.
The money in the fund that is available for distribution shall be appropriated each year. Money in the fund at the close of the year shall remain in the fund and shall not lapse to the general fund.
History:
2010, Act 347, Imd. Eff. Dec. 21, 2010
Compiler's Notes:
This section as originally enacted was assigned the compilation number "206.726". To avoid a conflict, this section has been renumbered as 206.926.
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 89 of 2013 - Als of Michigan ("Lou Gehrig's Disease") Fund Act (206.931 - 206.935) › Section 206.931 - Short Title.

206.931 Short title.
Sec. 1.
This act shall be known and may be cited as the "ALS of Michigan ("Lou Gehrig's disease") fund act".
History:
2013, Act 89, Imd. Eff. June 28, 2013
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 89 of 2013 - Als of Michigan ("Lou Gehrig's Disease") Fund Act (206.931 - 206.935) › Section 206.932 - Definitions.

206.932 Definitions.
Sec. 2.
As used in this act:
(a) "ALS" means amyotrophic lateral sclerosis.
(b) "Department" means the department of treasury.
(c) "Fund" means the ALS of Michigan ("Lou Gehrig's disease") fund created in section 3.
History:
2013, Act 89, Imd. Eff. June 28, 2013
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 89 of 2013 - Als of Michigan ("Lou Gehrig's Disease") Fund Act (206.931 - 206.935) › Section 206.933 - Als of Michigan ("Lou Gehrig's Disease") Fund; Creation; Credit of Amounts to Fund; Interest and Earnings; Appropriation, Money, and Things of Value; Investment.

206.933 ALS of Michigan ("Lou Gehrig's disease") fund; creation; credit of amounts to fund; interest and earnings; appropriation, money, and things of value; investment.
Sec. 3.
(1) The ALS of Michigan ("Lou Gehrig's disease") fund is created in the department to provide funds for donation to ALS of Michigan to support research to find a cure for ALS to provide much needed services to patients and their families through a variety of programs, and to support ALS clinics in this state that provide a multidisciplinary approach to caring for people with ALS.
(2) The state treasurer shall credit to the fund all amounts appropriated for this purpose under section 435 of the income tax act of 1967, 1967 PA 281, MCL 206.435.
(3) The fund shall consist of the money credited to the fund pursuant to section 435 of the income tax act of 1967, 1967 PA 281, MCL 206.435, any interest and earnings accruing from the saving and investment of that money, and other appropriations, money, or other things of value received by the fund.
(4) The state treasurer shall direct the investment of the fund.
History:
2013, Act 89, Imd. Eff. June 28, 2013
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 89 of 2013 - Als of Michigan ("Lou Gehrig's Disease") Fund Act (206.931 - 206.935) › Section 206.934 - Expenditure; Availability of Money for Distribution.

206.934 Expenditure; availability of money for distribution.
Sec. 4.
(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 to each county from which a contribution, gift, or donation was received.
History:
2013, Act 89, Imd. Eff. June 28, 2013
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 89 of 2013 - Als of Michigan ("Lou Gehrig's Disease") Fund Act (206.931 - 206.935) › Section 206.935 - Appropriation; Money Remaining in Fund at Close of Year.

206.935 Appropriation; money remaining in fund at close of year.
Sec. 5.
The money in the fund that is available for distribution shall be appropriated each year. Money in the fund at the close of the year shall remain in the fund and shall not lapse to the general fund.
History:
2013, Act 89, Imd. Eff. June 28, 2013
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 155 of 2012 - Special Olympics Michigan Fund Act (206.941 - 206.949) › Section 206.941 - Short Title.

206.941 Short title.
Sec. 1.
This act shall be known and may be cited as the "special Olympics Michigan fund act".
History:
2012, Act 155, Imd. Eff. June 5, 2012
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 155 of 2012 - Special Olympics Michigan Fund Act (206.941 - 206.949) › Section 206.943 - Definitions.

206.943 Definitions.
Sec. 3.
As used in this act:
(a) "Department" means the department of treasury.
(b) "Fund" means the special Olympics Michigan fund created in section 5.
History:
2012, Act 155, Imd. Eff. June 5, 2012
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 155 of 2012 - Special Olympics Michigan Fund Act (206.941 - 206.949) › Section 206.945 - Special Olympics Michigan Fund; Creation; Purpose; Administration; Credit and Deposit of Amounts; Investment.

206.945 Special Olympics Michigan fund; creation; purpose; administration; credit and deposit of amounts; investment.
Sec. 5.
(1) The special Olympics Michigan fund is created in the department to provide funds for donation to the special Olympics Michigan. The department shall be the administrator of the fund for auditing purposes.
(2) The state treasurer shall credit to the fund all amounts appropriated for this purpose under section 435 of the income tax act of 1967, 1967 PA 281, MCL 206.435, and money from any other source for deposit into the fund.
(3) The state treasurer shall direct the investment of the fund. The fund shall consist of the money credited to the fund pursuant to section 435 of the income tax act of 1967, 1967 PA 281, MCL 206.435, any interest and earnings accruing from the saving and investment of that money, and money from any other source.
(4) Money in the fund at the close of the year shall remain in the fund and shall not lapse to the general fund.
History:
2012, Act 155, Imd. Eff. June 5, 2012
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 155 of 2012 - Special Olympics Michigan Fund Act (206.941 - 206.949) › Section 206.947 - Expenditures; Limitation.

206.947 Expenditures; limitation.
Sec. 7.
The money, interest, and earnings of the fund shall be expended solely for donation to special Olympics Michigan.
History:
2012, Act 155, Imd. Eff. June 5, 2012
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 155 of 2012 - Special Olympics Michigan Fund Act (206.941 - 206.949) › Section 206.949 - Appropriation.

206.949 Appropriation.
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:
2012, Act 155, Imd. Eff. June 5, 2012
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 88 of 2013 - Michigan Alzheimer's Association Fund Act (206.961 - 206.969) › Section 206.961 - Short Title.

206.961 Short title.
Sec. 1.
This act shall be known and may be cited as the "Michigan Alzheimer's association fund act".
History:
2013, Act 88, Imd. Eff. June 28, 2013
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 88 of 2013 - Michigan Alzheimer's Association Fund Act (206.961 - 206.969) › Section 206.963 - Definitions.

206.963 Definitions.
Sec. 3.
As used in this act:
(a) "Department" means the department of treasury.
(b) "Fund" means the Michigan Alzheimer's association fund created in section 5.
History:
2013, Act 88, Imd. Eff. June 28, 2013
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 88 of 2013 - Michigan Alzheimer's Association Fund Act (206.961 - 206.969) › Section 206.965 - Michigan Alzheimer's Association Fund; Creation; Administrator; Deposit of Amounts; Investment; Interest and Earnings; Money in Fund at Close of Fiscal Year.

206.965 Michigan Alzheimer's association fund; creation; administrator; deposit of amounts; investment; interest and earnings; money in fund at close of fiscal year.
Sec. 5.
(1) The Michigan Alzheimer's association fund is created in the department to provide funds to benefit the programs and services for unpaid caregivers of individuals with Alzheimer's disease provided by the greater Michigan chapter and the Michigan Great Lakes chapter of the Alzheimer's association. The department shall be the administrator of the fund for auditing purposes.
(2) The state treasurer shall credit to the fund all amounts appropriated for this purpose under section 435 of the income tax act of 1967, 1967 PA 281, MCL 206.435, and money from any other source for deposit into the fund.
(3) The state treasurer shall direct the investment of the fund. The fund shall consist of the money credited to the fund pursuant to section 435 of the income tax act of 1967, 1967 PA 281, MCL 206.435, any interest and earnings accruing from the saving and investment of that money, and money from any other source.
(4) Money in the fund at the close of the year shall remain in the fund and shall not lapse to the general fund.
History:
2013, Act 88, Imd. Eff. June 28, 2013
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 88 of 2013 - Michigan Alzheimer's Association Fund Act (206.961 - 206.969) › Section 206.967 - Expenditure.

206.967 Expenditure.
Sec. 7.
The money, interest, and earnings of the fund shall be expended solely for donation to the greater Michigan chapter of the Alzheimer's association for distribution to the greater Michigan and Michigan Great Lakes chapters of the Alzheimer's association.
History:
2013, Act 88, Imd. Eff. June 28, 2013
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 88 of 2013 - Michigan Alzheimer's Association Fund Act (206.961 - 206.969) › Section 206.969 - Availability of Money for Distribution.

206.969 Availability of money for distribution.
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:
2013, Act 88, Imd. Eff. June 28, 2013
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 160 of 2015 - Michigan Achieving a Better Life Experience (Able) Program Act (206.981 - 206.997) › Section 206.981 - Short Title.

206.981 Short title.
Sec. 1.
This act shall be known and may be cited as the "Michigan achieving a better life experience (ABLE) program act".
History:
2015, Act 160, Eff. Jan. 26, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 160 of 2015 - Michigan Achieving a Better Life Experience (Able) Program Act (206.981 - 206.997) › Section 206.984 - Management Contract; Supervision.

206.984 Management contract; supervision.
Sec. 4.
The treasurer shall be responsible for the ongoing supervision of each management contract.
History:
2015, Act 160, Eff. Jan. 26, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 160 of 2015 - Michigan Achieving a Better Life Experience (Able) Program Act (206.981 - 206.997) › Section 206.985 - Management Contract; Term of Years; Termination.

206.985 Management contract; term of years; termination.
Sec. 5.
(1) A management contract shall be for a term of years specified in the management contract.
(2) The treasurer may terminate a management contract based on the criteria specified in the management contract.
History:
2015, Act 160, Eff. Jan. 26, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 160 of 2015 - Michigan Achieving a Better Life Experience (Able) Program Act (206.981 - 206.997) › Section 206.986 - Contracts as Necessary and Proper.

206.986 Contracts as necessary and proper.
Sec. 6.
The treasurer may enter into contracts that it considers necessary and proper for the implementation of this program.
History:
2015, Act 160, Eff. Jan. 26, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 160 of 2015 - Michigan Achieving a Better Life Experience (Able) Program Act (206.981 - 206.997) › Section 206.988 - Changes in Account Owners or Designated Beneficiaries; Transfers.

206.988 Changes in account owners or designated beneficiaries; transfers.
Sec. 8.
(1) Changes in account owners or designated beneficiaries are permitted as follows:
(a) An account owner may change the designated beneficiary of an account to another eligible individual who is a member of the family of the previously designated beneficiary.
(b) An account owner may transfer all or a portion of an account to another ABLE savings account with another designated beneficiary as long as the new designated beneficiary of the account to which the transfer is made is an eligible individual and a member of the family of the previous designated beneficiary.
(c) An account owner may designate another individual as a successor owner of the account in the event of the death of the account owner. The successor owner must meet the definition of an account owner under this act.
(2) Changes in designated beneficiaries and transfers under this section are not permitted to the extent that the change or transfer would constitute excess contributions or unauthorized investment choices.
History:
2015, Act 160, Eff. Jan. 26, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 160 of 2015 - Michigan Achieving a Better Life Experience (Able) Program Act (206.981 - 206.997) › Section 206.989 - Directing Investment of Contributions in Violation of Internal Revenue Code; Prohibition; Administrative Services; Use of Interest as Loan Security.

206.989 Directing investment of contributions in violation of internal revenue code; prohibition; administrative services; use of interest as loan security.
Sec. 9.
(1) An account owner shall not, directly or indirectly, direct the investment of any contributions to an account or the earnings on an account in violation of section 529A of the internal revenue code. An account owner may select among different investment strategies designed by a program manager to the extent allowed under section 529A of the internal revenue code.
(2) The program may allow employees of the program, or the employees of a contractor hired by the program to perform administrative services, to make contributions to an account.
(3) An interest in an account shall not be used by an account owner or a designated beneficiary as security for a loan. Any pledge of an interest in an account has no force or effect.
History:
2015, Act 160, Eff. Jan. 26, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 160 of 2015 - Michigan Achieving a Better Life Experience (Able) Program Act (206.981 - 206.997) › Section 206.990 - Maximum Account Balance Limit.

206.990 Maximum account balance limit.
Sec. 10.
(1) The maximum account balance limit for an ABLE account shall not exceed the maximum amount allowed for an education savings account pursuant to section 10 of the Michigan education savings program act, 2000 PA 161, MCL 390.1480.
(2) The program manager shall notify an account owner if the annual contributions to an ABLE savings account get within $1,000.00 of the contributions limits established under section 7(4). The program manager shall provide an account owner with written notification at least 5 business days before rejecting a contribution as provided in subsection (3).
(3) The program manager shall reject a contribution to any account for a designated beneficiary if, at the time of the contribution, the total balance of the account for that designated beneficiary has reached the maximum account balance limit under subsection (1) or the contribution is in excess of the limits established pursuant to section 7(4). An account may continue to accrue earnings if the total balance of the account for that beneficiary has reached the maximum account balance limit and shall not be considered to have exceeded the maximum account balance limit under subsection (1).
History:
2015, Act 160, Eff. Jan. 26, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 160 of 2015 - Michigan Achieving a Better Life Experience (Able) Program Act (206.981 - 206.997) › Section 206.991 - Submission of Certain Information to Internal Revenue Service, Department, and Account Owner.

206.991 Submission of certain information to internal revenue service, department, and account owner.
Sec. 11.
(1) In accordance with section 529A(d) of the internal revenue code, each program manager shall submit both of the following to the internal revenue service and the department:
(a) A notice upon the establishment of each ABLE savings account. The notice must contain the name and state of residence of the designated beneficiary and any other information as required by law or regulation.
(b) An aggregate report of the contributions, distributions, the return of excess contributions, and any other matter as required by law or regulation regarding its ABLE program during the tax year.
(2) Each program manager shall provide to the account owner, on or before the January 31 following the end of each calendar year, statements that identify the individual contributions made during the tax year, the total contributions made to the account for the tax year, the value of the account at the end of the tax year, distributions made during the tax year, the amount of excess contributions returned during the tax year, and any other information as required by the department.
(3) As required under section 529A(d) of the internal revenue code, the department shall electronically submit on a monthly basis to the commissioner of social security, in a manner specified by the commissioner of social security, statements on relevant distributions and account balances from all ABLE savings accounts.
History:
2015, Act 160, Eff. Jan. 26, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 160 of 2015 - Michigan Achieving a Better Life Experience (Able) Program Act (206.981 - 206.997) › Section 206.992 - Disclosure of Information to Account Owner and Other Person Requesting Information.

206.992 Disclosure of information to account owner and other person requesting information.
Sec. 12.
Each program manager shall disclose the following information in writing to each account owner of an ABLE savings account and any other person who requests information about an ABLE savings account:
(a) The terms and conditions for establishing an ABLE savings account.
(b) Restrictions on the substitutions of designated beneficiaries and transfer of account funds.
(c) The person entitled to terminate a Michigan ABLE savings program agreement.
(d) The period of time during which a designated beneficiary may receive benefits under the Michigan ABLE savings program agreement.
(e) The terms and conditions under which money may be wholly or partially withdrawn from an account or the program, including, but not limited to, any reasonable charges and fees and penalties that may be imposed for withdrawal.
(f) The potential tax consequences associated with contributions to and distributions and withdrawals from accounts.
(g) Investment history and potential growth of account funds and a projection of the impact of the growth of the account funds on the maximum amount allowable in an account.
(h) All other rights and obligations under Michigan ABLE savings program agreements and any other terms, conditions, and provisions of a contract or an agreement entered into under this act.
History:
2015, Act 160, Eff. Jan. 26, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 160 of 2015 - Michigan Achieving a Better Life Experience (Able) Program Act (206.981 - 206.997) › 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 residency status to an individual merely because the individual is a designated beneficiary.
History:
2015, Act 160, Eff. Jan. 26, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 160 of 2015 - Michigan Achieving a Better Life Experience (Able) Program Act (206.981 - 206.997) › 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 on an account.
(b) The payment of interest or other return on an account.
(2) The contracts, applications, deposit slips, and other similar documents used in connection with a contribution to an account shall clearly indicate that the account is not insured by this state and that the money deposited into and investment return earned on an account are not guaranteed by this state.
History:
2015, Act 160, Eff. Jan. 26, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 160 of 2015 - Michigan Achieving a Better Life Experience (Able) Program Act (206.981 - 206.997) › 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 to 15.246.
(b) The total amount contributed to all accounts during the year.
(c) All distributions from all accounts and whether or not each distribution was a qualified withdrawal.
(d) Any information that the program manager or treasurer may require regarding the taxation of amounts contributed to or withdrawn from accounts.
History:
2015, Act 160, Eff. Jan. 26, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 160 of 2015 - Michigan Achieving a Better Life Experience (Able) Program Act (206.981 - 206.997) › 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 act of 1967, 1967 PA 281, MCL 206.30.
History:
2015, Act 160, Eff. Jan. 26, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 160 of 2015 - Michigan Achieving a Better Life Experience (Able) Program Act (206.981 - 206.997) › 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 of, any assistance or benefit authorized by that provision to be provided to or for the benefit of an individual, any amount and interest earned on an ABLE savings account for the individual, any contributions to the ABLE savings account of the individual, and any distribution for qualified disability expenses shall be disregarded as provided in section 10g of the social welfare act, 1939 PA 280, MCL 400.10g, with respect to any period during which the individual maintains, makes contributions to, or receives distributions from his or her ABLE savings account.
(2) Upon the death of the designated beneficiary, the amount remaining in his or her ABLE savings account shall be distributed pursuant to section 529A(f) of the internal revenue code.
History:
2015, Act 160, Eff. Jan. 26, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 181 of 2016 - Michigan Junior Achievement Fund Act (206.1011 - 206.1021) › 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
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 181 of 2016 - Michigan Junior Achievement Fund Act (206.1011 - 206.1021) › 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
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 181 of 2016 - Michigan Junior Achievement Fund Act (206.1011 - 206.1021) › 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 its goals of inspiring and preparing young people to succeed in a global economy by showing them how to generate wealth and effectively manage it, how to create jobs which make their communities more robust, and how to apply entrepreneurial thinking to the workplace. The department shall be the administrator of the fund for auditing purposes.
(2) The state treasurer shall credit to the fund all amounts appropriated for this purpose under section 435 of the income tax act of 1967, 1967 PA 281, MCL 206.435.
(3) The fund shall consist of the money credited to the fund pursuant to section 435 of the income tax act of 1967, 1967 PA 281, MCL 206.435, any interest and earnings accruing from the saving and investment of that money, and other appropriations, money, or other things of value received by the fund.
(4) The state treasurer shall direct the investment of the fund.
History:
2016, Act 181, Imd. Eff. June 16, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 181 of 2016 - Michigan Junior Achievement Fund Act (206.1011 - 206.1021) › 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 shall distribute the funds to the Junior Achievement of Michigan Great Lakes organization for distribution to other junior achievement organizations in this state.
History:
2016, Act 181, Imd. Eff. June 16, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 181 of 2016 - Michigan Junior Achievement Fund Act (206.1011 - 206.1021) › Section 206.1019 - Use of Money as Matching Funds for Federal Grant.

206.1019 Use of money as matching funds for federal grant.
Sec. 9.
Money from the fund may be used as matching funds for a federal grant if those funds are to be used for financial literacy, entrepreneurship, and workforce readiness with junior achievement organizations in this state and for the purposes described under section 5.
History:
2016, Act 181, Imd. Eff. June 16, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 181 of 2016 - Michigan Junior Achievement Fund Act (206.1011 - 206.1021) › Section 206.1021 - Appropriation; Money Remaining in Fund at Close of Year.

206.1021 Appropriation; money remaining in fund at close of year.
Sec. 11.
The money in the fund that is available for distribution shall be appropriated each year. Money in the fund at the close of the year shall remain in the fund and shall not lapse to the general fund.
History:
2016, Act 181, Imd. Eff. June 16, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 183 of 2016 - American Red Cross Michigan Fund Act (206.1031 - 206.1039) › Section 206.1031 - Short Title.

206.1031 Short title.
Sec. 1.
This act shall be known and may be cited as the "American Red Cross Michigan fund act".
History:
2016, Act 183, Imd. Eff. June 16, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 183 of 2016 - American Red Cross Michigan Fund Act (206.1031 - 206.1039) › Section 206.1033 - Definitions.

206.1033 Definitions.
Sec. 3.
As used in this act:
(a) "Department" means the department of treasury.
(b) "Fund" means the American Red Cross Michigan fund created in section 5.
History:
2016, Act 183, Imd. Eff. June 16, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 183 of 2016 - American Red Cross Michigan Fund Act (206.1031 - 206.1039) › Section 206.1035 - American Red Cross Michigan Fund; Creation; Purpose; Administrator; Credit of Amounts Appropriated Under MCL 206.435; Investment; Interest and Earnings; Money From Other Sources; Money Remaining at Close of Fiscal Year.

206.1035 American Red Cross Michigan fund; creation; purpose; administrator; credit of amounts appropriated under MCL 206.435; investment; interest and earnings; money from other sources; money remaining at close of fiscal year.
Sec. 5.
(1) The American Red Cross Michigan fund is created in the department to provide funds for donation to the Michigan chapters of the American Red Cross. The department shall be the administrator of the fund for auditing purposes.
(2) The state treasurer shall credit to the fund all amounts appropriated for this purpose under section 435 of the income tax act of 1967, 1967 PA 281, MCL 206.435, and money from any other source for deposit into the fund.
(3) The state treasurer shall direct the investment of the fund. The fund shall consist of the money credited to the fund pursuant to section 435 of the income tax act of 1967, 1967 PA 281, MCL 206.435, any interest and earnings accruing from the saving and investment of that money, and money from any other source.
(4) Money in the fund at the close of the year shall remain in the fund and shall not lapse to the general fund.
History:
2016, Act 183, Imd. Eff. June 16, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 183 of 2016 - American Red Cross Michigan Fund Act (206.1031 - 206.1039) › Section 206.1037 - Expenditures.

206.1037 Expenditures.
Sec. 7.
The money, interest, and earnings of the fund shall be expended solely for donation to the mid-Michigan chapter of the American Red Cross for distribution to the Michigan chapters of the American Red Cross.
History:
2016, Act 183, Imd. Eff. June 16, 2016
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 183 of 2016 - American Red Cross Michigan Fund Act (206.1031 - 206.1039) › 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
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 255 of 2018 - Lions of Michigan Foundation Fund Act (206.1041 - 206.1051) › Section 206.1041 - Short Title.

206.1041 Short title.
Sec. 1.
This act shall be known and may be cited as the "Lions of Michigan Foundation fund act".
History:
2018, Act 255, Imd. Eff. June 28, 2018
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 255 of 2018 - Lions of Michigan Foundation Fund Act (206.1041 - 206.1051) › Section 206.1043 - Definitions.

206.1043 Definitions.
Sec. 3.
As used in this act:
(a) "Department" means the department of treasury.
(b) "Fund" means the Lions of Michigan Foundation fund created in section 5.
History:
2018, Act 255, Imd. Eff. June 28, 2018
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 255 of 2018 - Lions of Michigan Foundation Fund Act (206.1041 - 206.1051) › Section 206.1045 - Lions of Michigan Foundation Fund; Creation; Purpose; Amounts Credited Under MCL 206.435; Investments.

206.1045 Lions of Michigan Foundation fund; creation; purpose; amounts credited under MCL 206.435; investments.
Sec. 5.
(1) The Lions of Michigan Foundation fund is created in the department to provide funds for donation to the Lions of Michigan Foundation to assist Michigan Lions Clubs and other charities deliver services aimed at helping children and adults with sight and hearing deficiencies and improve the quality of life of people in this state with unmet needs.
(2) The state treasurer shall credit to the fund all amounts appropriated for this purpose under section 435 of the income tax act of 1967, 1967 PA 281, MCL 206.435.
(3) The fund shall consist of the money credited to the fund pursuant to section 435 of the income tax act of 1967, 1967 PA 281, MCL 206.435, any interest and earnings accruing from the saving and investment of that money, and other appropriations, money, or other things of value received by the fund.
(4) The state treasurer shall direct the investment of the fund.
History:
2018, Act 255, Imd. Eff. June 28, 2018
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 255 of 2018 - Lions of Michigan Foundation Fund Act (206.1041 - 206.1051) › Section 206.1047 - Interest, Earnings, and Gifts; Expenditures.

206.1047 Interest, earnings, and gifts; expenditures.
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 to each county from which a contribution, gift, or donation was received.
History:
2018, Act 255, Imd. Eff. June 28, 2018
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 255 of 2018 - Lions of Michigan Foundation Fund Act (206.1041 - 206.1051) › Section 206.1049 - Use of Money as Matching Funds for Federal Grant.

206.1049 Use of money as matching funds for federal grant.
Sec. 9.
Money from the fund may be used as matching funds for a federal grant if those funds are to be used for the purposes described under section 5.
History:
2018, Act 255, Imd. Eff. June 28, 2018
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 255 of 2018 - Lions of Michigan Foundation Fund Act (206.1041 - 206.1051) › Section 206.1051 - Appropriations; Money Remaining in Fund at Close of Year.

206.1051 Appropriations; money remaining in fund at close of year.
Sec. 11.
The money in the fund that is available for distribution shall be appropriated each year. Money in the fund at the close of the year shall remain in the fund and shall not lapse to the general fund.
History:
2018, Act 255, Imd. Eff. June 28, 2018
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 259 of 2018 - Kiwanis Fund Act (206.1061 - 206.1071) › Section 206.1061 - Short Title.

206.1061 Short title.
Sec. 1.
This act shall be known and may be cited as the "Kiwanis fund act".
History:
2018, Act 259, Imd. Eff. June 28, 2018
2023 Michigan Compiled Laws › Chapter 206 - Income Tax Act of 1967 › Act 259 of 2018 - Kiwanis Fund Act (206.1061 - 206.1071) › Section 206.1063 - Definitions.

206.1063 Definitions.
Sec. 3.
As used in this act:
(a) "Department" means the department of treasury.
(b) "Fund" means the Kiwanis fund created in section 5.
History:
2018, Act 259, Imd. Eff. June 28, 2018