MI FILM PROMOTION FUND; TRANSFER                                                         S.B. 1066:

                                                                                 SUMMARY OF INTRODUCED BILL

                                                                                                         IN COMMITTEE

Senate Bill 1066 (as introduced 8-15-20)

Sponsor: Senator Jon Bumstead

Committee: Appropriations

Date Completed:  9-1-20

CONTENT

The bill would amend the Michigan Strategic Fund Act to require the distribution of $37,126,100 for fiscal year (FY) 2019-20 from the Michigan Film Promotion Fund to the State's General Fund.

MCL 125.2029d                                                                                                       

FISCAL IMPACT

The bill would provide for a $37.1 million increase in FY 2019-20 General Fund/General Purpose (GF/GP) revenue. This transfer of funds from the Michigan Film Promotion Fund to the State GF/GP budget would apply only during FY 2019-20. The $37.1 million is the result of unredeemed film incentives under the Film Incentive Program, which ended in 2016, and a work project lapse of $1.0 million from the Michigan Film Office.

                                                                                        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.