Introduced by Rep. Wayne Schmidt R-Traverse City on March 13, 2012
To repeal a 15 percent cap on the overhead expenses allowed for recipients under certain corporate subsidy programs, and instead give the political appointees on the Michigan Strategic Fund board more discretion in determining how much recipients of certain subsidies may spend on overhead. It would also allow grants and loans to be given to nonprofit companies, universities, and national laboratories in addition to for-profit companies. Official Text and Analysis.
Referred to the House Commerce Committee on March 13, 2012
Reported in the House on May 1, 2012
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered in the House on May 10, 2012
To make substantive revisions to the bill; see House-passed version for details.
The substitute passed by voice vote in the House on May 10, 2012
To increase from 15 percent to 25 percent a cap on the overhead expenses allowed for recipients under certain "Michigan Strategic Fund" corporate subsidy programs. Also, to require subsidy deals to contain more specific "claw-back" provisions requiring repayment of subsidies if specified job creation, commercialization, or other metrics are not met, details of which would be on the public record and subject to the Freedom of Information Act. Finally, the bill would authorize investments or loans of taxpayer dollars to "micro-enterprise lenders".
Received in the Senate on May 16, 2012
Referred to the Senate Economic Development Committee on May 16, 2012
Reported in the Senate on May 31, 2012
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered in the Senate on June 6, 2012
To replace the previous version of the bill with one that revises details but does not change the substance as previously described.
The substitute passed by voice vote in the Senate on June 6, 2012