Michigan Votes Forum

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.

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.