Introduced
by
To establish a segregated fund to hold receipts from the sale or “securitization” of a portion of the revenue stream from the 1998 tobacco company lawsuit settlement. The revenue stream from the settlement brings in approximately $280 million per year. The bill does not specify how money in the fund would be used, but it may involve some kind of new business subsidy program. The Department of Treasury would control the investment of the money. See House Bill 5047. House Bill 5108 uses some of the interest earned on the proposed fund to offset part of its business tax cuts.
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 replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the House 103 to 1 (details)
To establish a segregated fund to hold receipts from the sale or “securitization” of a portion of the revenue stream from the 1998 tobacco company lawsuit settlement, as required by the business subsidy programs proposed by House Bill 5047. House Bill 5108 uses some of the interest earned on the proposed fund to offset some of the tax revenue "lost" by business tax cuts.
Referred to the Committee on Government Operations and Reform
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 does not require that the business tax cuts passed by the House in House Bill 5108 go into effect for this and related business subsidy bills to go into effect.
The substitute passed by voice vote
Passed in the Senate 34 to 4 (details)
To establish a segregated fund to hold receipts from the sale or “securitization” of a portion of the revenue stream from the 1998 tobacco company lawsuit settlement, as required by the business subsidy programs proposed by House Bill 5047.
Substitute offered
by
To replace the previous version of the bill with one that reflects the agreement struck between Gov. Jennifer Granholm and Republican legislative leaders to adopt modest business tax cuts and a scaled-down "21st Century Jobs Fund." See House-passed version for details.
The substitute passed by voice vote
Passed in the House 104 to 1 (details)
To establish the segregated fund for "securitized" tobacco settlement revenue, but in a version that reflects the agreement struck between Gov. Jennifer Granholm and Republican legislative leaders to adopt modest business tax cuts and a scaled-down “<a href="http://www.michiganvotes.org/2005-HB-5047">21st Century Jobs Fund</a>." The latter would be given $400 million of "securitized" tobacco settlement revenue right away, and $75 million per year for eight years from the remaining “unsecuritized” settlement revenue stream. 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>.
Passed in the Senate 35 to 3 (details)
