2005 House Bill 5048 (“Securitize” tobacco lawsuit settlement revenue ) (House Roll Call 607)
Passed in the House (98 to 7) on November 10, 2005, to "securitize" tobacco settlement revenue as part of an agreement struck between Gov. Jennifer Granholm and Republican legislative leaders to adopt modest business tax cuts and a scaled-down "21st Century Jobs Fund." The latter would be given $400 million of "securitized" tobacco settlement revenue right away, and $75 million per year for eight years from the remaining “unsecuritized” settlement revenue stream. Future legislatures would not be bound by the $75 million per year agreement, however. The tax cut is described under the final votes on Senate Bill 633, and details of the full package by a Senate Fiscal Agency analysis (pdf). [History, Amendments & Comments]
The vote was 98 in favor, 7 opposed, and 5 not voting
(House Roll Call 607 at House Journal 99)
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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 ):
| Brandenburg (R) | Garfield (R) | Gosselin (R) | Hoogendyk (R) | Meyer (R) | Newell (R) |
| Sheen (R) |
The following legislators did not vote on 2005 House Bill 5048 (“Securitize” tobacco lawsuit settlement revenue ):
| Hunter (D) | Kehrl (D) | McConico (D) | Phillips (D) | Smith, Virgil (D) |
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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