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2005 House Bill 5215: Revise “early stage venture capital investment” tax breaks

Public Act 233 of 2005

Introduced by Rep. Dave Hildenbrand (R) on September 22, 2005
To establish a tax voucher certificate system under which investors in the Michigan Early Stage Venture Investment Fund would obtain vouchers (in lieu of credits) that could be used to offset potential losses in these investments. Under this program, the state will subsidize up to $150 million in such losses.   Official Text and Analysis.
Referred to the House Commerce Committee on September 22, 2005
Reported in the House on September 27, 2005
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered in the House on September 28, 2005
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described, and which makes this a part of the package of new business subsidies proposed by House Bill 5047.
The substitute passed by voice vote in the House on September 28, 2005
To establish a tax voucher certificate system under which investors in the Michigan Early Stage Venture Investment Fund would obtain vouchers (in lieu of credits) that could be used to offset potential losses in these investments. Under this program, the state will subsidize up to $150 million in such losses. The bill is part of the package of new business subsidies proposed by House Bill 5047.
Received in the Senate on September 29, 2005
Referred to the Senate Government Operations and Reform Committee on September 29, 2005
Reported in the Senate on October 18, 2005
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered in the Senate on October 18, 2005
To replace the previous version of the bill with one that does not require that the business tax cuts passed by the House in House Bill 5108 go into effect for this and related business subsidy bills to go into effect.
The substitute passed by voice vote in the Senate on October 18, 2005
Received in the House on October 19, 2005
Signed by Gov. Jennifer Granholm on November 21, 2005

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