Public Act 296 of 2003

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• Introduced by Sen. Mike Bishop (R) on November 6, 2003, to establish a state early stage venture capital investment corporation to solicit money from investors for investment in selected companies chosen by the corporation. Up to $150 million in potential losses of investors could be offset by the Single Business Tax credits proposed by Senate Bill 835 or the income tax credits proposed by Senate Bill 836. See also House Bills 5320 to 5322.
  • Referred to the Senate Commerce and Labor Committee on November 6, 2003.
    • Reported in the Senate on December 2, 2003, with the recommendation that the substitute (S-3) be adopted.
  • Substitute offered in the Senate on December 3, 2003, to replace the previous version of the bill with one which revises the membership of the board of the proposed corporation, adding two gubernatorial appointees. The board would include the sate Treasurer, the chief executive officer of the Michigan Economic Development Corporation, one person recommended by the Senate Majority Leader, one recommended by the Speaker of the House, one recommended by a statewide tax-exempt organization representing venture capital companies in Michigan, and two people recommended by the Governor. The substitute passed in the Senate by voice vote on December 3, 2003.
  • Substitute offered by Sen. Mike Bishop (R) on December 4, 2003, to replace the previous version of the bill with one which more tightly defines “venture capital company,” “qualified business," and “seed or early stage business." These definitions would provide more explicit legislative direction on the types of firms that would be eligible for investments from the proposed corporation. The substitute passed in the Senate by voice vote on December 4, 2003.
• Passed in the Senate (36 to 0) on December 4, 2003. [Vote Details and Comments]
• Received in the House on December 4, 2003.
  • Referred to the House Commerce Committee on December 4, 2003.
    • Reported in the House on December 9, 2003, with the recommendation that the substitute (H-1) be adopted and that the bill then pass.
  • Substitute offered in the House on December 10, 2003, to replace the previous version of the bill with one which incorporates technical changes that do not affect the substance of the bill as previously described. The substitute passed in the House by voice vote on December 10, 2003.
  • Amendment offered by Rep. Joseph Rivet (D) on December 10, 2003, to revise details of the membership of the board of the proposed corporation, adding to it two members who represent the general public. The amendment passed in the House by voice vote on December 10, 2003.
• Passed in the House (97 to 11) on December 10, 2003, to establish a state early stage venture capital investment corporation to solicit money from investors for investment in selected companies chosen by the corporation. Up to $150 million in potential losses of investors could be offset by the Single Business Tax credits proposed by Senate Bill 835 or the income tax credits proposed by House Bill 5322. See also House Bills 5320 to 5322. [Vote Details and Comments]
• Received in the Senate on December 11, 2003.
  • Substitute offered by Sen. Mike Bishop (R) on December 17, 2003, to replace the previous version of the bill with one which incorporates technical changes that do not affect the substance of the bill as previously described. The substitute passed in the Senate by voice vote on December 17, 2003.
• Passed in the Senate (38 to 0) on December 17, 2003, a version of the bill which incorporates technical changes that do not affect the substance of the bill as previously described. [Vote Details and Comments]
• Received in the House on December 17, 2003.
• Passed in the House (96 to 13) on December 18, 2003, to concur with the second Senate-passed version of the bill. [Vote Details and Comments]
• Signed by Gov. Jennifer Granholm on January 8, 2004.