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Bill > HB4195

MI HB4195

MI HB4195
Economic development; other; Michigan early stage venture corporation entering new investments or creating additional venture funds; prohibit. Amends secs. 7, 9, 11, 15, 17, 19, 21, 23 & 27 of 2003 PA 296 (MCL 125.2237 et seq.). TIE BAR WITH: HB 4196'15, HB 4365'15

summary

Introduced
02/12/2015
In Committee
10/28/2015
Crossed Over
Passed
11/04/2015
Dead
Signed/Enacted/Adopted
12/01/2015

Introduced Session

98th Legislature

Bill Summary

Economic development; other; Michigan early stage venture corporation entering new investments or creating additional venture funds; prohibit. Amends secs. 7, 9, 11, 15, 17, 19, 21, 23 & 27 of 2003 PA 296 (MCL 125.2237 et seq.). TIE BAR WITH: HB 4196'15, HB 4365'15

AI Summary

This bill prohibits the Michigan Early Stage Venture Corporation (MESVC), a non-profit entity established to promote economic development by investing in venture capital firms that support Michigan's early-stage businesses, from entering into new investment agreements with investors or creating additional venture funds. Specifically, it amends existing law to prevent the MESVC from making new commitments to contribute capital to venture capital companies or establishing new venture funds after the bill's effective date, though existing agreements and investments may be modified under certain conditions. The bill also clarifies that the MESVC cannot issue new tax voucher certificates, which are used by investors to offset their state tax liabilities, after its effective date, though existing tax voucher certificates can still be used.

Committee Categories

Business and Industry

Sponsors (48)

John Bizon (R)*,  Jon Bumstead (R)*,  Edward Canfield (R)*,  Lee Chatfield (R)*,  Paul Clemente (D)*,  Triston Cole (R)*,  Laura Cox (R)*,  Scott Dianda (D)*,  Anthony Forlini (R)*,  Daniela Garcia (R)*,  Ken Goike (R)*,  Joseph Graves (R)*,  Kurt Heise (R)*,  Jon Hoadley (D)*,  Thomas Hooker (R)*,  Martin Howrylak (R)*,  Holly Hughes (R)*,  Brandt Iden (R)*,  Bradford Jacobsen (R)*,  Joel Johnson (R)*,  Tim Kelly (R)*,  John Kivela (D)*,  Dan Lauwers (R)*,  Eric Leutheuser (R)*,  David Maturen (R)*,  Ed McBroom (R)*,  Michael McCready (R)*,  Aaron Miller (R)*,  Jeremy Moss (D)*,  Rick Outman (R)*,  Kristy Pagan (D)*,  Dave Pagel (R)*,  Earl Poleski (R)*,  Amanda Price (R)*,  Al Pscholka (R)*,  Bruce Rendon (R)*,  Brett Roberts (R)*,  Jim Runestad (R)*,  Andy Schor (D)*,  Jason Sheppard (R)*,  Sam Singh (D)*,  Pat Somerville (R)*,  Lana Theis (R)*,  Henry Vaupel (R)*,  Roger Victory (R)*,  Michael Webber (R)*,  Adam Zemke (D)*,  Brandon Dillon (D), 

Last Action

Assigned Pa 192'15 With Immediate Effect (on 12/01/2015)

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