Introduced
by
To revise the “loan enhancement program” of the “<a href="http://www.michiganvotes.org/2005-HB-5047">21st Century Jobs Fund</a>,” which is intended to provide loan guarantees for small businesses. The bill would allow money earmarked for this purpose to provide subsidized below-market rate loans or even outright grants to businesses selected by another arm of this government business subsidy program. The minimum loan amount would be $500,000. According to press reports the proposed subsidies are intended for Volkswagen if it builds a new Michigan plant.
Referred to the Committee on New Economy and Quality of Life
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Amendment offered
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To add "clawback" language that would require immediate repayment of subsidized loans if the beneficiary of a subsidized loan moves out of the state.
The amendment passed by voice vote
Amendment offered
by
To strip out language allowing the 21st Jobs Fund Board to convert a subsidized loan to a selected business into an equity stake in the beneficiary.
The amendment failed by voice vote
Passed in the House 76 to 26 (details)
To require the Michigan Strategic Fund to establish and operate a "Choose Michigan Film and Digital Media Loan Fund" which would use “<a href="http://www.michiganvotes.org/2005-HB-5047">21st Century Jobs Fund</a>” money to provide subsidized loans to businesses selected by state officials. This is related to the recently-passed <a href="http://www.michiganvotes.org/2008-HB-5841">film production subsidies</a>, and potential subsidies for Volkswagen if it builds a new Michigan plant.
Referred to the Committee on Commerce and Tourism
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 1 (details)
To require the Michigan Strategic Fund to establish and operate a "Choose Michigan Film and Digital Media Loan Fund" which would use “<a href="http://www.michiganvotes.org/2005-HB-5047">21st Century Jobs Fund</a>” money to provide subsidized loans or grants of up to $500,000 to particular businesses selected by state officials. This is related to the recently-passed <a href="http://www.michiganvotes.org/2008-HB-5841">film production subsidies</a>, and potential subsidies for Volkswagen if it builds a new Michigan plant.
To concur with the Senate-passed version of the bill.
Passed in the House 102 to 0 (details)
