Introduced by Rep. Vicki Barnett (D) on November 10, 2011, to allow up to 5 percent of the available money in some state trust funds (including the Michigan Natural Resources Trust Fund) to back loans to small businesses that have been denied loans by commercial lenders and which have been selected to receive certain other government “economic development” benefits. This would be done by the state government investing in banks and other financial institutions willing to make the loans. Under House Bill 5070, any profits the lenders earn on these transactions would be exempt from state business taxes. Full Text and Analysis.
Referred to the House Banking and Financial Services Committee on November 10, 2011.