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2003 Senate Bill 834

Public Act 296 of 2003

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.   Official Text and Analysis.
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 by voice vote in the Senate 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 by voice vote in the Senate on December 4, 2003
Passed 36 to 0 in the Senate on December 4, 2003 (same description)
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.
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 by voice vote in the House 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 by voice vote in the House on December 10, 2003
Passed 97 to 11 in the House 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.
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 by voice vote in the Senate on December 17, 2003
Passed 38 to 0 in the Senate 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.
Received in the House on December 17, 2003
Passed 96 to 13 in the House on December 18, 2003 To concur with the second Senate-passed version of the bill.
Signed by Gov. Jennifer Granholm on January 8, 2004

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