New state law buys back vouchers for business venture funds

Expenditures of a fund created in 2003 to disburse seed money for various business ventures will be contained, giving more certainty to state budgeting for the upcoming fiscal year, under legislation signed Thursday by Michigan Lt. Gov. Brian Calley.

“Everything we can do to predict the state’s liability from previous commitments helps us to plan and budget that much better,” Calley said. “This is an opportunity for us to pay down future obligations in a manner that makes fiscal sense.”

House Bill 4101, sponsored by state Rep. Al Pscholka, authorizes the buyback of $100 million in Venture Michigan Fund tax vouchers. Allowing the vouchers to remain with various companies would leave the amount of the liability outstanding, and thus could have an unknown impact on upcoming state budgets.

The bill appropriates funding for the purchase of the vouchers from the General Fund and Tobacco Settlement Funds.  It is now Public Act 86 of 2015.

The lieutenant governor on Tuesday also signed two other bills:

—House Bill 4175, sponsored by state Rep. Joel Johnson, raises the threshold for the civil liability of a horse’s owner if it causes injury, death or damage to property. It is now PA 87.

—House Bill 4245, sponsored by state Rep. Anthony Forlini, removes a provision in state law that requires anyone seeking registration as a building official, inspector or plan reviewer to be employed by a
government agency, thus increasing the pool of qualified code officials.  The bill is now PA 88.

Article V Section 26 of the Michigan Constitution gives authority to the lieutenant governor to sign legislation when the governor is out of state.

For additional information on this and other legislation, visit http://www.legislature.michigan.gov.

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