2005 House Bill 5047 ↩

House Roll Call 609: Passed

To establish a scaled down program of business and research subsidies along the lines described in earlier versions of this bill, as part of an agreement struck between Gov. Jennifer Granholm and Republican legislative leaders to also adopt modest business tax cuts. The revised version of this bill would use $400 million of "securitized" tobacco settlement revenue right away, and give $75 million per year for eight years from the remaining “unsecuritized” settlement revenue stream to the "Michigan Strategic Fund" for various business subsidies. Future legislatures would not be bound by the $75 million per year agreement, however. The tax cut is described under the final votes on <a href="http://www.michiganvotes.org/RollCall.aspx?ID=176636">Senate Bill 633</a>, and details of the full package by a Senate Fiscal Agency <a href="http://senate.michigan.gov/sfa/Publications/BudUpdates/EconDevProposal2005.pdf">analysis</a> <i>(pdf)</i>.