CHILDREN'S TRUST FUND: CHECK-OFF S.B. 503: FLOOR ANALYSIS
Senate Bill 503 (as reported without amendment)
Sponsor: Senator Bev Hammerstrom
Committee: Finance
CONTENT
The bill would amend the Income Tax Act to allow an individual to designate on his or her annual return that a contribution of $5 or more of his or her refund be credited to the Children's Trust Fund (CTF) for tax years beginning on and after January 1, 2005.
Under the Act, an individual could designate on his or her annual return that a contribution of $2 or more of his or her refund be credited to the CTF until the State Treasurer certified that the assets in the CTF exceeded $20 million (which occurred in 2000).
The bill would allow a contribution of $5 or more, without regard to the balance of the CTF.
MCL 206.440 Legislative Analyst: J.P. Finet
FISCAL IMPACT
The Children's Trust Fund check-off was active from 1983 through 2000. Over that time period, 2,213,858 returns generated $14,884,426 for the CTF.
Date Completed: 6-27-05 Fiscal Analyst: Bill Bowerman
floor\sb503 Analysis available @ http://www.michiganlegislature.org
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.
Analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. sb503/0506