Public Act 214 of 2005

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• Introduced by Sen. Mike Bishop (R) on May 19, 2005, to exempt from state income tax the long-term capital gains generated by a taxpayer's investment in a “community-based seed capital fund,” if the taxpayer reinvests the money the same kind of entity. These entities invest in businesses meeting the criteria proposed by Senate Bill 92, which includes firms engaged in certain “technology” related ventures as selected by a government board, and which are not in the retail, real estate, or health care business.
  • Referred to the Senate Commerce and Labor Committee on May 19, 2005.
    • Reported in the Senate on May 24, 2005, with the recommendation that the substitute (S-1) be adopted and that the bill then pass.
  • Substitute offered in the Senate on May 25, 2005, to replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described. The substitute passed by voice vote in the Senate on May 25, 2005.
• Passed 35 to 3 in the Senate on May 25, 2005.
  Who Voted "Yes" and Who Voted "No"
• Received in the House on May 25, 2005.
  • Referred to the House Tax Policy Committee on May 25, 2005.
    • Reported in the House on September 14, 2005, with the recommendation that the bill be referred to the Committee on Commerce.
  • Referred to the House Commerce Committee on September 14, 2005.
    • Reported in the House on September 20, 2005, with the recommendation that the substitute (H-1) be adopted and that the bill then pass.
  • Substitute offered in the House on September 28, 2005, to replace the previous version of the bill with one that revises it to work with House Bill 5047, a large business subsidy proposal. In particular, this requires that the tax subsidies go to "competitive edge" technology businesses. The substitute passed by voice vote in the House on September 28, 2005.
• Passed 104 to 0 in the House on September 28, 2005, to exempt from state income tax all or a portion of a gain realized from an initial equity investment of at least $100,000 generated by an investment in a “community-based seed capital fund.” These entities invest in businesses meeting the criteria proposed by House Bill 5047, which includes firms engaged in certain "competitive edge technology" ventures as selected by a government board and committee.
  Who Voted "Yes" and Who Voted "No"
• Received in the Senate on September 29, 2005.
  • Substitute offered by Sen. Mike Bishop (R) on October 19, 2005, to adopt a Senate version of the bill that does not require that the business tax cuts passed by the House in House Bill 5108 go into effect for this and related business subsidy bills to go into effect. The substitute passed by voice vote in the Senate on October 19, 2005.
• Passed 34 to 4 in the Senate on October 19, 2005, to concur with the House-passed version of the bill, with minor changes.
  Who Voted "Yes" and Who Voted "No"
• Received in the House on October 19, 2005.
• Passed 106 to 0 in the House on November 10, 2005, to concur with minor changes in the Senate-passed version of the bill.
  Who Voted "Yes" and Who Voted "No"
• Signed by Gov. Jennifer Granholm on November 21, 2005.