LIONS OF MICHIGAN FOUNDATION FUND H.B. 4030 (H-1) & 4031:
SUMMARY OF BILL
REPORTED FROM COMMITTEE
House Bill 4030 (Substitute H-1 as reported without amendment)
House Bill 4031 (as reported without amendment)
Sponsor: Representative Wendell L. Byrd
CONTENT
House Bill 4030 (H-1) would amend the Income Tax Act to include a proposed Lions of Michigan Foundation Fund among the funds eligible for voluntary contributions (tax check-offs) on the State income tax return, starting with the 2018 tax year.
House Bill 4031 would enact the "Lions of Michigan Foundation Fund Act" to do the following:
-- Create the "Lions of Michigan Foundation Fund" within the Department of Treasury for the purpose of providing funds for donation to the Lions of Michigan Foundation to assist Michigan Lions Clubs and other charities.
-- Require money raised from the proposed tax return check-off to be credited to the Fund.
-- Require that the money, interest, and earnings of the Fund be spent solely for donation to the Lions of Michigan Foundation.
MCL 206.435 (H.B. 4030) Legislative Analyst: Drew Krogulecki
FISCAL IMPACT
The bills would have no impact on State revenue and a minimal impact on the Department of Treasury that would be within current appropriations. The one-time costs associated with including an additional income tax check-off option would be part of the annual costs to update the income tax form each year. The ongoing costs associated with administering the Lions of Michigan Foundation Fund would be less than $100 and within current appropriations.
The bills would have no fiscal impact on local government.
Date Completed: 5-10-18 Fiscal Analyst: Cory Savino
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.