Introduced
by
To create an “individual or family development account” program, in which a non-profit organization could manage tax exempt accounts of up to $5,000 for a low income person or family, with the beneficiary matching the deposits with money or volunteer work. The accounts could be used by the beneficiary for qualified education, home acquisition or repair, or business start-up expenses. Senate Bills 640 and 641 authorize tax credits for individuals or businesses that contribute money for such accounts. The contributor could not be the account holder (beneficiary).
Referred to the Committee on Banking and Financial Institutions
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the Senate 37 to 0 (details)
Referred to the Committee on Banking and Financial Services
Amendment offered
by
To clarify language in a provision contained in the bill in a way that does not change the substance of the provision.
The amendment passed by voice vote
Amendment offered
by
To require the Michigan State Housing Development Authority, which would operate the program, to work cooperatively with financial institutions, fiduciary organizations, program sites, and contributors to implement the program.
The amendment passed by voice vote
Passed in the House 106 to 0 (details)
To create an “individual or family development account” program, in which a non-profit organization could manage tax exempt accounts of up to $5,000 for a low income person or family, with the beneficiary matching the deposits with money or volunteer work. The accounts could be used by the beneficiary for qualified education, home acquisition or repair, or business start-up expenses. Senate Bills 640 and 641 authorize tax credits for individuals or businesses that contribute money for such accounts. The contributor could not be the account holder (beneficiary).
Motion to reconsider
by
The vote by which the House passed the bill.
The motion passed by voice vote
Substitute offered
by
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the House 106 to 0 (details)
To create an “individual or family development account” program, in which a non-profit organization could manage tax exempt accounts of up to $5,000 for a low income person or family, with the beneficiary matching the deposits with money or volunteer work. The accounts could be used by the beneficiary for qualified education, home acquisition or repair, or business start-up expenses. Senate Bills 640 and 641 authorize tax credits for individuals or businesses that contribute money for such accounts. The contributor could not be the account holder (beneficiary).
To concur with the House-passed version of the bill.
Passed in the Senate 36 to 0 (details)
