Senator Lindsey offered the following amendment:
1. Amend page 128, following line 20, by inserting:
“Sec. 949w. (1) The inflation and tax relief fund is created within the department of treasury.
(2) Any unexpended funds in the inflation and tax relief fund created in this section shall be carried forward and available for expenditure under this section.
(3) Funds may only be spent from the inflation and tax relief fund upon appropriation, or legislative transfer pursuant to section 393 of the management and budget act, 1984 PA 431, MCL 18.1393.
(4) The state treasurer may receive money or other assets from any source for deposit into the inflation and tax relief fund. The state treasurer shall direct the investment of the inflation and tax relief fund. The state treasurer shall credit to the inflation and tax relief fund interest and earnings from the inflation and tax relief fund.
(5) Funds in the inflation and tax relief fund at the close of the fiscal year shall remain in the inflation and tax relief fund and shall not lapse to the general fund.
(6) In addition to the funds appropriated in part 1, $500,000,000.00 shall be appropriated from the Michigan taxpayer rebate fund created by section 51h of the Income tax act, 1967 PA 281, MCL 206.51h to the inflation and tax relief fund prior to any distributions made under section 695 (2)(d) of the Income tax act, 1967 PA 281, MCL 206.695.”.
The question being on the adoption of the amendment,
Senator Lauwers requested the yeas and nays.
The yeas and nays were ordered, 1/5 of the members present voting therefor.
The amendment was not adopted, a majority of the members serving not voting therefor, as follows: