2003 House Bill 5322 / Public Act 295

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Introduced in the House

Nov. 13, 2003

To provide refundable income tax credits to investors in companies selected by the early stage venture capital investment corporation proposed by House Bill 5321. The income tax credits would be coordinated with the elimination of the Single Business Tax (SBT) scheduled for 2009, allowing investors in the proposed corporation to continue to get the advantages proposed by House Bill 5320 even after the SBT is gone (assuming the elimination of the SBT is not repealed). See also Senate Bills 834 to 836.

Referred to the Committee on Commerce

Dec. 3, 2003

Reported without amendment

Without amendment and with the recommendation that the bill pass.

Dec. 10, 2003

Substitute offered by Rep. Fran Amos (R-43)

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 House 95 to 12 (details)

Received in the Senate

Dec. 11, 2003

Referred to the Committee on Commerce and Labor

Dec. 17, 2003

Reported without amendment

With the recommendation that the bill pass.

Passed in the Senate 38 to 0 (details)

To provide refundable income tax credits to investors in companies selected by the early stage venture capital investment corporation proposed by Senate Bill 834. The income tax credits would be coordinated with the elimination of the Single Business Tax (SBT) scheduled for 2009, allowing investors in the proposed corporation to continue to get the advantages proposed by Senate Bill 835 even after the SBT is gone (assuming the elimination of the SBT is not repealed).