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Legislation watch
2003 House Bill 5322
Public Act 295 of 2003
Introduced by Rep. Fran Amos R- on November 13, 2003
To provide refundable income tax credits to investors in companies selected by the early stage venture capital investment corporation proposed by House Bill 5321. The income tax credits would be coordinated with the elimination of the Single Business Tax (SBT) scheduled for 2009, allowing investors in the proposed corporation to continue to get the advantages proposed by House Bill 5320 even after the SBT is gone (assuming the elimination of the SBT is not repealed). See also Senate Bills 834 to 836. Official Text and Analysis.
Referred to the House Commerce Committee on November 13, 2003
Reported in the House on December 3, 2003
Without amendment and with the recommendation that the bill pass.
Substitute offered by Rep. Fran Amos R- 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
Received in the Senate on December 11, 2003
Referred to the Senate Commerce and Labor Committee on December 11, 2003
Reported in the Senate on December 17, 2003
With the recommendation that the bill pass.
To provide refundable income tax credits to investors in companies selected by the early stage venture capital investment corporation proposed by Senate Bill 834. The income tax credits would be coordinated with the elimination of the Single Business Tax (SBT) scheduled for 2009, allowing investors in the proposed corporation to continue to get the advantages proposed by Senate Bill 835 even after the SBT is gone (assuming the elimination of the SBT is not repealed).
Signed by Gov. Jennifer Granholm on January 8, 2004