2003 Senate Bill 834 / Public Act 296

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Introduced in the Senate

Nov. 6, 2003

Introduced by Sen. Mike Bishop (R-12)

To establish a state early stage venture capital investment corporation to solicit money from investors for investment in selected companies chosen by the corporation. Up to $150 million in potential losses of investors could be offset by the Single Business Tax credits proposed by Senate Bill 835 or the income tax credits proposed by Senate Bill 836. See also House Bills 5320 to 5322.

Referred to the Committee on Commerce and Labor

Dec. 2, 2003

Reported without amendment

With the recommendation that the substitute (S-3) be adopted.

Dec. 3, 2003

Substitute offered

To replace the previous version of the bill with one which revises the membership of the board of the proposed corporation, adding two gubernatorial appointees. The board would include the sate Treasurer, the chief executive officer of the Michigan Economic Development Corporation, one person recommended by the Senate Majority Leader, one recommended by the Speaker of the House, one recommended by a statewide tax-exempt organization representing venture capital companies in Michigan, and two people recommended by the Governor.

The substitute passed by voice vote

Dec. 4, 2003

Substitute offered by Sen. Mike Bishop (R-12)

To replace the previous version of the bill with one which more tightly defines “venture capital company,” “qualified business," and “seed or early stage business." These definitions would provide more explicit legislative direction on the types of firms that would be eligible for investments from the proposed corporation.

The substitute passed by voice vote

Passed in the Senate 36 to 0 (details)

Received in the House

Dec. 4, 2003

Referred to the Committee on Commerce

Dec. 9, 2003

Reported without amendment

With the recommendation that the substitute (H-1) be adopted and that the bill then pass.

Dec. 10, 2003

Substitute offered

To replace the previous version of the bill with one which incorporates technical changes that do not affect the substance of the bill as previously described.

The substitute passed by voice vote

Amendment offered by Rep. Joseph Rivet (D-96)

To revise details of the membership of the board of the proposed corporation, adding to it two members who represent the general public.

The amendment passed by voice vote

Passed in the House 97 to 11 (details)

To establish a state early stage venture capital investment corporation to solicit money from investors for investment in selected companies chosen by the corporation. Up to $150 million in potential losses of investors could be offset by the Single Business Tax credits proposed by Senate Bill 835 or the income tax credits proposed by House Bill 5322. See also House Bills 5320 to 5322.

Received in the Senate

Dec. 11, 2003

Dec. 17, 2003

Substitute offered by Sen. Mike Bishop (R-12)

To replace the previous version of the bill with one which incorporates technical changes that do not affect the substance of the bill as previously described.

The substitute passed by voice vote

Passed in the Senate 38 to 0 (details)

A version of the bill which incorporates technical changes that do not affect the substance of the bill as previously described.

Received in the House

Dec. 17, 2003

Dec. 18, 2003

Passed in the House 96 to 13 (details)

To concur with the second Senate-passed version of the bill.

Signed by Gov. Jennifer Granholm

Dec. 31, 2003