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2005 House Bill 5048 (“Securitize” tobacco lawsuit settlement revenue )

Public Act 226 of 2005

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1) Central planning won't fix Michigan [by Anonymous Citizen on August 21, 2006]
History shows that subsidies, picking winners and losers, and government planning committees are not what create prosperity in a state. Instead, get the incentives right through broad-based tax cuts and jobs will come.
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2) 2005 House Bill 5048 (“Securitize” tobacco lawsuit settlement revenue ) [by admin on January 1, 2001]
Introduced in the House on July 6, 2005, to establish a state board to “securitize” or sell approximately one-third of the revenue stream from the 1998 tobacco company lawsuit settlement, the entire amount of which is approximately $280 million per year, and create regulations for this. This will reportedly generate a lump sum of $1 billion, which will be used to pay for the grants, loans and business subsidy programs proposed by House Bill 5047

The vote was 103 in favor, 1 opposed and 6 not voting

(House Roll Call 468 at House Journal 82)

Click here to view bill details.
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