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• Introduced by Rep. Ed Clemente (D) on June 16, 2009, to allow the “strategic economic investment and commercialization board” that is one component of the “21st Century Jobs Fund” to provide subsidies in the form of loans, convertible loans, equity investments, and warrants. Also, to authorize subsidies for so-called “accelerator funds,” defined as an “investment fund targeted at early stage technology companies”.
  • Referred to the House New Economy And Quality Of Life Committee on June 16, 2009.
    • Reported in the House on June 24, 2009, without amendment and with the recommendation that the bill pass.
  • Amendment offered by Rep. Tom McMillin (R) on June 25, 2009, to tie-bar the bill to Senate Bill 71, meaning this bill cannot become law unless that one does also. SB 71 would require the Michigan Economic Growth Authority to file annual reports that disclose not just aggregate data on the deals offered to particular firms it selects, but also details about the tax break and subsidy deals offered to particular firms. The amendment failed by voice vote in the House on June 25, 2009.
  • Substitute offered by Rep. Tom McMillin (R) on June 25, 2009, to replace the previous version of the bill with one that does not allow the “strategic economic investment and commercialization board” to acquire an ownership (equity) interest in private companies it subsidizes. The substitute failed by voice vote in the House on June 25, 2009.
• Passed 94 to 15 in the House on June 25, 2009, to allow the “strategic economic investment and commercialization board” that is one component of the “21st Century Jobs Fund” to provide subsidies in the form of loans, convertible loans, equity investments, and warrants. Also, to authorize subsidies for so-called “accelerator funds,” defined as an “investment fund targeted at early stage technology companies”.
  Who Voted "Yes" and Who Voted "No"
• Received in the Senate on July 15, 2009.
  • Referred to the Senate Commerce & Tourism Committee on July 15, 2009.