2005 House Bill 5048 (“Securitize” tobacco lawsuit settlement revenue ) (Senate Roll Call 490)
Passed in the Senate (34 to 4) on October 19, 2005, to establish a state board to “securitize” or sell approximately one-third of the revenue stream from the 1998 tobacco company lawsuit settlement, the entire amount of which is approximately $280 million per year, and create regulations for this. This will reportedly generate a lump sum of $1 billion, which will be used to pay for the grants, loans and business subsidy programs proposed by House Bill 5047. [History, Amendments & Comments]
The vote was 34 in favor, 4 opposed, and 0 not voting
(Senate Roll Call 490 at Senate Journal 92)
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The following legislators supported 2005 House Bill 5048 (“Securitize” tobacco lawsuit settlement revenue ):
The following legislators opposed 2005 House Bill 5048 (“Securitize” tobacco lawsuit settlement revenue ):
| Cassis (R) | Gilbert (R) | Sanborn (R) | Toy (R) |
The following legislators did not vote on 2005 House Bill 5048 (“Securitize” tobacco lawsuit settlement revenue ):
Most Recent Comments
1) Central planning won't fix Michigan [by Anonymous Citizen on August 21, 2006]History shows that subsidies, picking winners and losers, and government planning committees are not what create prosperity in a state. Instead, get the incentives right through broad-based tax cuts and jobs will come.
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Introduced in the House on July 6, 2005, to establish a state board to “securitize” or sell approximately one-third of the revenue stream from the 1998 tobacco company lawsuit settlement, the entire amount of which is approximately $280 million per year, and create regulations for this. This will reportedly generate a lump sum of $1 billion, which will be used to pay for the grants, loans and business subsidy programs proposed by House Bill 5047
The vote was 103 in favor, 1 opposed and 6 not voting
(House Roll Call 468 at House Journal 82)
Click here to view bill details.
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