Introduced
by
To allow the “strategic economic investment and commercialization board” that is one component of the “<a href="http://www.michiganvotes.org/2005-HB-5047">21st Century Jobs Fund</a>” to provide subsidies in the form of loans, convertible loans, equity investments, and warrants. Also, to authorize subsidies for so-called “accelerator funds,” defined as an “investment fund targeted at early stage technology companies”.
Referred to the Committee on New Economy and Quality of Life
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Amendment offered
by
To tie-bar the bill to Senate Bill 71, meaning this bill cannot become law unless that one does also. SB 71 would require the Michigan Economic Growth Authority to file annual reports that disclose not just aggregate data on the deals offered to particular firms it selects, but also details about the tax break and subsidy deals offered to particular firms.
The amendment failed by voice vote
Substitute offered
by
To replace the previous version of the bill with one that does not allow the “strategic economic investment and commercialization board” to acquire an ownership (equity) interest in private companies it subsidizes.
The substitute failed by voice vote
Passed in the House 94 to 15 (details)
To allow the “strategic economic investment and commercialization board” that is one component of the “<a href="http://www.michiganvotes.org/2005-HB-5047">21st Century Jobs Fund</a>” to provide subsidies in the form of loans, convertible loans, equity investments, and warrants. Also, to authorize subsidies for so-called “accelerator funds,” defined as an “investment fund targeted at early stage technology companies”.
Referred to the Committee on Commerce and Tourism
