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MI HB4196

Bill

Official Source

Status

Passed

12/1/2015

Primary Sponsor

Michael McCready

Click for details

Origin

House of Representatives

98th Legislature

AI Summary

  • Extends the expiration date of the Michigan early stage venture investment fund from a previous date to January 1, 2030
  • Directs fund distribution upon expiration: first $140,000,000 goes to the state general fund, with remaining funds going to the 21st Century Jobs Trust Fund
  • Requires all outstanding debts and obligations of the Michigan early stage venture investment corporation to be satisfied before distribution occurs
  • Takes effect only if House Bill 4195 and House Bill 4365 of the 98th Legislature are also enacted into law
  • Effective date: November 16, 2015

Legislative Description

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

Economic development: other

Last Action

Assigned Pa 193'15 With Immediate Effect

12/1/2015

Committee Referrals

Economic Development4/16/2015
Commerce And Trade2/12/2015

Full Bill Text

No bill text available