2005 Senate Bill 298 / Public Act 212

Fee exemptions for “early stage technology companies”

Introduced in the Senate

March 10, 2005

Introduced by Sen. Wayne Kuipers (R-30)

To exempt certain “early stage technology companies” from the fees that are charged when a corporation registers with the state and issues shares to stockholders. This would apply to additional authorized shares for up to eight consecutive tax years, or tax years in which the business had under $10 million in gross revenue.

Referred to the Committee on Economic Development, Small Business, and Regulatory Reform

May 3, 2005

Reported without amendment

With the recommendation that the substitute (S-1) be adopted and that the bill then pass.

May 18, 2005

Substitute offered

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.

The substitute passed by voice vote

May 25, 2005

Passed in the Senate 26 to 11 (details)

Received in the House

May 25, 2005

Referred to the Committee on Commerce

Sept. 20, 2005

Reported without amendment

With the recommendation that the substitute (H-2) be adopted and that the bill then pass.

Sept. 28, 2005

Substitute offered

To replace the previous version of the bill with one that incorporates technical changes, but which was subsequently superceded by another substitute with substantive changes (see Huizenga substitute).

The substitute failed by voice vote

Substitute offered by Rep. Bill Huizenga (R-90)

To adopt a substitute that reduces the fees for all companies, not just ones in industries selected by the government, as part of a legislative package that would allow the Department of Labor and Economic Growth to charge higher fees for expedited services for corporations. See Senate Bills 664 to 667.

The substitute passed by voice vote

Passed in the House 104 to 0 (details)

To reduce the fees that are charged when a corporation registers with the state and issues shares to stockholders. This is part of a legislative package that would allow the Department of Labor and Economic Growth to charge higher fees for expedited services for corporations. See Senate Bills 664 to 667.

Received in the Senate

Sept. 29, 2005

Oct. 19, 2005

Substitute offered by Sen. Wayne Kuipers (R-30)

To replace the previous version of the bill with one that links it to a number of business subsdidy bills. See House Bill 5047.

The substitute passed by voice vote

Passed in the Senate 34 to 4 (details)

To reduce the fees that are charged when a corporation registers with the state and issues shares to stockholders. This is part of a legislative package that would allow the Department of Labor and Economic Growth to charge higher fees for expedited services for corporations. See Senate Bills 664 to 667.

Received in the House

Oct. 19, 2005

Nov. 10, 2005

Passed in the House 105 to 0 (details)

Signed by Gov. Jennifer Granholm

Nov. 21, 2005