State management: funds; 21st century jobs trust fund; modify. Amends secs. 7 & 8 of 2000 PA 489 (MCL 12.257 & 12.258). TIE BAR WITH: SB 1072'26

SB 1073 modifies the Michigan Trust Fund Act to adjust how money flows into and out of the 21st Century Jobs Trust Fund. The bill specifies that certain funds, including tobacco settlement revenues and amounts from the general fund, must remain in the trust fund rather than reverting to the general fund at the end of a fiscal year. It also clarifies that while the principal stays in the trust, any interest and earnings generated from investments must be deposited into the general fund. Additionally, the bill outlines that money from the trust can only be used to support specific programs under the Michigan Strategic Fund Act, such as those related to innovation and economic development. This legislation is contingent upon the simultaneous passage of Senate Bill 1072, which is tied to it in the legislative process.