Introduced
by
To repeal a 15 percent cap on the overhead expenses allowed for recipients under certain corporate subsidy programs, and instead give the political appointees on the Michigan Strategic Fund board more discretion in determining how much recipients of certain subsidies may spend on overhead. It would also allow grants and loans to be given to nonprofit companies, universities, and national laboratories in addition to for-profit companies.
Referred to the Committee on Commerce
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To make substantive revisions to the bill; see House-passed version for details.
The substitute passed by voice vote
Passed in the House 97 to 12 (details)
To increase from 15 percent to 25 percent a cap on the overhead expenses allowed for recipients under certain "Michigan Strategic Fund" corporate subsidy programs. Also, to require subsidy deals to contain more specific "claw-back" provisions requiring repayment of subsidies if specified job creation, commercialization, or other metrics are not met, details of which would be on the public record and subject to the Freedom of Information Act. Finally, the bill would authorize investments or loans of taxpayer dollars to "micro-enterprise lenders".
Referred to the Committee on Economic Development
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance as previously described.
The substitute passed by voice vote
Passed in the Senate 29 to 7 (details)
To increase from 15 percent to 25 percent a cap on the overhead expenses allowed for recipients under certain "Michigan Strategic Fund" corporate subsidy programs. Also, to require subsidy deals to contain more specific "claw-back" provisions requiring repayment of subsidies if specified job creation, commercialization, or other metrics are not met, details of which would be on the public record and subject to the Freedom of Information Act. Finally, the bill would authorize investments or loans of taxpayer dollars to "micro-enterprise lenders".
Motion to reconsider
The vote by which the bill was passed.
The motion passed by voice vote
Received
Passed in the Senate 29 to 8 (details)
To concur with the House-passed version of the bill, with some detail modifications.
Passed in the House 98 to 12 (details)
To concur with the Senate-passed version of the bill.
