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Legislation watch
2020 House Bill 5575: Revise detail of 2018 corporate subsidy expansion
Public Act 373 of 2020
Introduced by Rep. Triston Cole R-Antrim County on February 27, 2020
To require that the private businesses authorized to deliver selective state subsidies to certain “rural” businesses under a 2018 corporate subsidy law (the delivery firms are dubbed “rural jobs and capital investment funds”), or one of the firm's affiliates, must be regulated by the federal Securities and Exchange Commission, and meet certain federal registration requirements. This change is said to be needed in order to start the flow of $100 million taxpayer dollars to private companies as authorized by this law. Official Text and Analysis.
Referred to the House Regulatory Reform Committee on February 27, 2020
Reported in the House on June 3, 2020
Refer to the Committee on Ways and Means with the recommendation that the substitute (H-1) be adopted.
Referred to the House Ways and Means Committee on June 3, 2020
Reported in the House on June 17, 2020
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Received in the Senate on June 25, 2020
Referred to the Senate Economic and Small Business Development Committee on June 25, 2020
Reported in the Senate on September 29, 2020
With the recommendation that the bill pass.
Signed by Gov. Gretchen Whitmer on January 4, 2021