Michigan Laws 125.2029d – Michigan film promotion fund; creation within state treasury; receipt of money or other assets; investment; money remaining in fund at close of fiscal year; expenditure; transfer and deposit of f
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Terms Used In Michigan Laws 125.2029d
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fund: means the Michigan strategic fund created under section 5, except where the context clearly requires a different definition. See Michigan Laws 125.2004
- Office: means the Michigan film office created in section 29a. See Michigan Laws 125.2029
- Promotion fund: means the Michigan film promotion fund created under section 29d. See Michigan Laws 125.2029
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) The Michigan film promotion fund is created within the state treasury.
(2) The state treasurer may receive money or other assets from any source for deposit into the promotion fund, including federal funds, other state revenues, gifts, bequests, and other donations, including, but not limited to, all of the following:
(a) Fees deposited in the promotion fund under section 455 to 459 of the Michigan business tax act, 2007 PA 36, MCL 208.1455 to 208.1459.
(b) Proceeds deposited in the promotion fund under section 88d.
(c) Funds appropriated to create and operate the film and digital media production assistance program.
(3) The state treasurer shall direct the investment of the promotion fund and shall credit to the promotion fund interest and earnings from promotion fund investments.
(4) Money in the promotion fund at the close of a fiscal year shall remain in the promotion fund and shall not lapse to the general fund.
(5) Money in the promotion fund may be expended, upon appropriation, to support the functions of the office under this chapter and other applicable law and for purposes authorized under this chapter.
(6) Beginning October 1, 2011, the fund shall transfer to and deposit in the promotion fund all money appropriated for Michigan strategic fund – film incentive funding under section 1201 of 2011 PA 63.
(7) For the fiscal year ending September 30, 2020 only, $37,126,100.00 of the money in the Michigan film promotion fund is transferred to and must be deposited into the general fund.