Section 205.111 - Deposit and disbursement of money; "Michigan promotion fund" defined. - Michigan Statutes

USE TAX ACT (EXCERPT)
Act 94 of 1937

205.111 Deposit and disbursement of money; "Michigan promotion fund" defined.

Sec. 21.

(1) Except as provided in subsections (2) and (3), all money received and collected under this act shall be deposited by the department of treasury in the state treasury to the credit of the general fund, to be disbursed only by appropriations by the legislature.

(2) The collections from the use tax imposed at the additional rate of 2% approved by the electors March 15, 1994 shall be deposited in the state school aid fund established in section 11 of article IX of the state constitution of 1963.

(3) For the fiscal year ending September 30, 2010 only, $9,500,000.00 shall be deposited by the department of treasury into the Michigan promotion fund. As used in this subsection, "Michigan promotion fund" means the fund created in section 39 of the Michigan strategic fund act, 1984 PA 270, MCL 125.2039.

History: 1937, Act 94, Eff. Oct. 29, 1937 ;-- CL 1948, 205.111 ;-- Am. 1949, Act 273, Eff. July 1, 1949 ;-- Am. 1959, Act 263, Eff. Sept. 1, 1959 ;-- Am. 1974, Act 309, Eff. Jan. 1, 1975 ;-- Am. 1987, Act 260, Imd. Eff. Dec. 28, 1987 ;-- Am. 1993, Act 326, Eff. May 1, 1994 ;-- Am. 1994, Act 34, Imd. Eff. Mar. 7, 1994 ;-- Am. 2010, Act 37, Imd. Eff. Mar. 31, 2010