State management: funds; money in the 21st century jobs trust fund; modify disbursement of, the official text

Act
No. 28

Public
Acts of 2025

Approved
by the Governor

October
7, 2025

Filed
with the Secretary of State

October
7, 2025

EFFECTIVE
DATE:  October 7, 2025

state of michigan

103rd Legislature

Regular session of 2025

Introduced by Senator Singh

ENROLLED SENATE BILL No. 574

AN ACT to amend 2000 PA 489,
entitled “An act to create certain funds; to provide for the allocation of certain
revenues among certain funds and for the operation, investment, and expenditure
of certain funds; and to impose certain duties and requirements on certain
state officials,” by amending section 7 (MCL 12.257), 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 the department of
treasury. The 21st century jobs trust fund consists of donations of money made
to the 21st century jobs trust fund from any source and all of the following:

(a) To the extent provided in section 8(1) of the Michigan
tobacco settlement finance authority act, 2005 PA 226, MCL 129.268,
the net proceeds of the sale of tobacco settlement revenues to the tobacco
settlement finance authority under the Michigan tobacco settlement finance
authority act, 2005 PA 226, MCL 129.261 to 129.279.

(b) Amounts appropriated from the general fund in section
89b(1) of the Michigan strategic fund act, 1984 PA 270, MCL
125.2089b.

(c) Amounts deposited in the 21st century jobs trust fund in
accordance with section 7(c)(i) or 33 of the
Michigan early stage venture investment act of 2003, 2003 PA 296, MCL 125.2237
and 125.2263.

(2) The state treasurer shall direct the investment of the
21st century jobs trust fund, which may be invested as part of the common cash
of this state under 1967 PA 55, MCL 12.51 to 12.53, but must be separately
accounted for by the state treasurer. The state treasurer may invest the money
or assets of the 21st century jobs trust fund in any investment authorized
under 1855 PA 105, MCL 21.141 to 21.147, for surplus funds of this state, in
obligations issued by any state or political subdivision or instrumentality of
the United States, or in any obligation issued, assumed, or guaranteed by a solvent
entity created or existing under the laws of the United States or of any state,
district, or territory of the United States that are not in default as to
principal or interest. In addition, the state treasurer shall comply with the
divestment from terror act, 2008 PA 234, MCL 129.291 to 129.301, in making
investments under this section.

(3) Except as provided in subsection (4), money in the 21st
century jobs trust fund at the close of a fiscal year remains in the 21st
century jobs trust fund and does not revert to the general fund.

(4) Interest and earnings from investment of the 21st century
jobs trust fund must be deposited in the general fund.

(5) Beginning in fiscal year 2008, and through fiscal year
2026, each fiscal year, $75,000,000.00 of the tobacco settlement revenue
received by this state that is not considered a TSR, as that term is defined in
section 3 of the Michigan tobacco settlement finance authority act, 2005 PA
226, MCL 129.263, must be deposited into the 21st century jobs trust fund.

(6) The state treasurer shall transfer and disburse money
from the 21st century jobs trust fund in accordance with section 8.

This
act is ordered to take immediate effect.

Secretary of the Senate

Clerk of the House of
Representatives

Approved___________________________________________

____________________________________________________

Governor