Introduced
by
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 Committee on Commerce and Labor
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
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
Passed in the Senate 35 to 3 (details)
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the bill be referred to the Committee on Commerce.
Referred to the Committee on Commerce
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises it to work with <a href="http://www.michiganvotes.org/2005-HB-5047">House Bill 5047</a>, 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
Passed in the House 104 to 0 (details)
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.
Substitute offered
by
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
Passed in the Senate 34 to 4 (details)
To concur with the House-passed version of the bill, with minor changes.
Passed in the House 106 to 0 (details)
To concur with minor changes in the Senate-passed version of the bill.
