2003 Senate Bill 835 - Michigan Votes

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2003 Senate Bill 835

Public Act 297 of 2003

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Introduced by Sen. Tom George (R) on November 6, 2003, to provide transferable Single Business Tax credits to investors in companies selected by the early stage venture capital investment corporation proposed by Senate Bill 834. See also House Bills 5320 to 5322.
- Referred to the Senate Commerce and Labor Committee on November 6, 2003.
  - Reported in the Senate on December 2, 2003, with the recommendation that the bill pass.
Passed 37 to 0 in the Senate on December 4, 2003.
Who Voted "Yes" and Who Voted "No"
Received in the House on December 4, 2003.
- Referred to the House Commerce Committee on December 4, 2003.
  - Reported in the House on December 9, 2003, with the recommendation that the substitute (H-1) be adopted and that the bill then pass.
- Substitute offered in the House on December 10, 2003, 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 in the House on December 10, 2003.
Passed 96 to 12 in the House on December 10, 2003, to provide transferable Single Business Tax credits to investors in companies selected by the early stage venture capital investment corporation proposed by Senate Bill 834. See also House Bills 5320 to 5322.
Who Voted "Yes" and Who Voted "No"
Received in the Senate on December 11, 2003.
Passed 36 to 0 in the Senate on December 17, 2003.
Who Voted "Yes" and Who Voted "No"
Signed by Gov. Jennifer Granholm on January 8, 2004.

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1) Rep. Hoogendyk's "no vote explaination" by Admin003 on December 12, 2003
Rep. Hoogendyk, having reserved the right to explain his protest against the passage of the bill, made the following statement:

"Mr. Speaker and members of the House:

Economic development is crucial to tax revenue growth in Michigan. One way this should happen is through investment in venture capital. However, Venture capital investments carry very high risk. In the free market, high risk/high reward is a fact of life. This would not be the case in the artificial market which this package of bills would create. In essence the State of Michigan is guaranteeing the risk by offering tax credits to those investors who might lose on their investment. But the state is not in the best position to determine how to invest venture capital. This is government meddling in an area that is rightfully reserved to the private sector. We should be spending our time on the essential services that the citizens demand and not on creating additional bureaucracy and future liabilities for future generations. In time, the venture capital market will grow in Michigan on its own. The free market is best place for this to occur.

I will continue to advocate for less government, lower taxes and individual responsibility."
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2) 2003 Senate Bill 835 by admin on January 1, 2001
Introduced in the Senate on November 6, 2003, to provide transferable Single Business Tax credits to investors in companies selected by the early stage venture capital investment corporation proposed by Senate Bill 834. See also House Bills 5320 to 5322

The vote was 37 in favor, 0 opposed and 1 not voting

(Senate Roll Call 578 at Senate Journal 100)

Click here to view bill details.
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