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Legislation watch
2015 House Bill 4195: Limit some government “venture capital investment” spending
Public Act 192 of 2015
Introduced by Rep. Al Pscholka (R) on February 13, 2015
To prohibit the state from pledging any more future tax revenue to guarantee investor returns under an "early stage venture capital investment" program authorized by a 2003 law. The bill would not affect several other government "venture capital" schemes however, including a "Venture Capital Development" program under the Granholm-era "21st Century Jobs Fund" rubric, a "Venture Match Fund," a "Venture Development Fund," an “Accelerator Fund,” past grants to a "Venture Capital Association" and more. Official Text and Analysis.
Referred to the House Commerce and Trade Committee on February 13, 2015
Reported in the House on March 24, 2015
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Received in the Senate on April 16, 2015
Referred to the Senate Economic Development Committee on April 16, 2015
Reported in the Senate on September 29, 2015
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
To prohibit the state from pledging any more future tax revenue to guarantee investor returns under an "early stage venture capital investment" scheme authorized by a 2003 law. The bill would not affect several other government "venture capital" schemes however, including a "Venture Capital Development" program under the Granholm-era "21st Century Jobs Fund" rubric, a "Venture Match Fund," a "Venture Development Fund," an “Accelerator Fund,” past grants to a "Venture Capital Association" and more.
Received in the House on October 29, 2015
To concur with the Senate-passed version of the bill.
Signed by Gov. Rick Snyder on November 16, 2015