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 increase the amount that can be spent each year on these subsidies, and not include administrative expenses within those caps.
Referred to the Committee on New Economy and Quality of Life
Reported without amendment
Without amendment and with the recommendation that the bill pass.
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)
Referred to the Committee on Commerce and Tourism
Reported without amendment
With the recommendation that the substitute (S-2) be adopted and that the bill then pass.
Substitute offered
To use the bill as a legislative "vehicle" to deliver a particular subsdidy; see Senate-passed version for details.
The substitute passed by voice vote
Passed in the Senate 22 to 15 (details)
To give $9 million to a local "economic development" agency in Holland, which in turn will use the money to develop a former Pfizer laboratory in Holland that was donated to Michigan State University. Also, to give 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>” greater discretion in choosing what types of businesses it will give subsidies to.
Amendment offered
by
To not use the bill as a legislative "vehicle" to deliver a particular subsdidy.
The amendment passed by voice vote
Passed in the House 97 to 11 (details)
To give 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>” greater discretion in choosing what types of businesses it will give subsidies to.
To concur with the House-passed version of the bill, which stripped out authorization for a particular business subsidy in the Holland area.
Passed in the Senate 35 to 0 (details)
