Bill Text: MI HB4196 | 2015-2016 | 98th Legislature | Chaptered

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Bill Title: Economic development; other; venture capital authority fund; sunset. Amends sec. 31 of 2003 PA 296 (MCL 125.2261). TIE BAR WITH: HB 4195'15, HB 4365'15

Spectrum: Moderate Partisan Bill (Republican 13-2)

Status: (Passed) 2015-12-01 - Assigned Pa 193'15 With Immediate Effect [HB4196 Detail]

Download: Michigan-2015-HB4196-Chaptered.html

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Act No. 193

Public Acts of 2015

Approved by the Governor

November 16, 2015

Filed with the Secretary of State

November 16, 2015

EFFECTIVE DATE: November 16, 2015

STATE OF MICHIGAN

98TH LEGISLATURE

REGULAR SESSION OF 2015

Introduced by Reps. McCready, Kelly, Canfield, Potvin, Bumstead, Chatfield, Santana, Iden, Pscholka, Poleski, Webber, Heise, Cole, Aaron Miller and Singh

ENROLLED HOUSE BILL No. 4196

AN ACT to amend 2003 PA 296, entitled “An act to promote investment in certain businesses; to promote economic development in this state; to provide for a Michigan early stage venture investment corporation; to prescribe the powers and duties of a Michigan early stage venture investment corporation; to prescribe the powers and duties of certain public officers and departments; to establish the Michigan early stage venture investment fund and other funds; to provide for tax credits and incentives; to authorize certain investments; to provide for the expiration of the fund; to provide or allow for appropriations; and to provide penalties and remedies,” by amending section 31 (MCL 125.2261).

The People of the State of Michigan enact:

Sec. 31. The fund created in section 19 shall expire on January 1, 2030. Any money in the fund, subject to all outstanding debts and obligation of the Michigan early stage venture investment corporation being defeased and satisfied, shall be distributed with the first $140,000,000.00 going to the general fund of this state and any remaining going to the 21st century jobs trust fund established in section 7 of the Michigan trust fund act, 2000 PA 489, MCL 12.257.

Enacting section 1. This amendatory act does not take effect unless all of the following bills of the 98th Legislature are enacted into law:

(a) House Bill No. 4195.

(b) House Bill No. 4365.

This act is ordered to take immediate effect.

Clerk of the House of Representatives

Secretary of the Senate

Approved

Governor