2005 House Bill 5048 ↩

Senate Roll Call 577: Passed

To "securitize" tobacco settlement revenue as part of an agreement struck between Gov. Jennifer Granholm and Republican legislative leaders to adopt modest business tax cuts and a scaled-down "21st Century Jobs Fund." 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>.