21ST CENTURY INVESTMENTS: REVISED DEFINITION
OF "COMPETITIVE EDGE TECHNOLOGIES"
Senate Bill 144
Sponsor: Sen. Mike Green (Enacted as Public Act 22 of 2011)
Senate Committee: Agriculture
House Committee: Commerce
Complete to 3-7-11
A SUMMARY OF SENATE BILL 144 AS PASSED BY THE SENATE
Generally speaking, the bill would add firms involved in information technology, agricultural processing technology, and other innovative technology to the kinds of firms eligible for assistance as competitive edge technology enterprises under the state's 21st Century Investments programs.
The bill would amend Chapter 8A of the Michigan Strategic Fund Act, which established the 21st Century Investments programs. Those programs allow the state to make a variety of investments to encourage economic development in order to create jobs, and they include investment programs with a special emphasis on competitive edge technologies.
Senate Bill 144 amends Section 88a, which is the definitions section of Chapter 8A. Under current law, the term "competitive edge technology" means one or more of the following: (1) life sciences technology; (2) advanced automotive, manufacturing, and materials technology; (3) homeland security and defense technology; and (4) alternative energy technology. The bill would revise the second category to read: advanced automotive, manufacturing, materials, and information and agricultural processing technology. The bill would also add a fifth category: any other innovative technology as determined by the Strategic Fund Board
MCL 125.2088a
FISCAL IMPACT:
Senate Bill 144 would have an indeterminate, but likely negligible, fiscal impact on state government.
Legislative Analyst: Chris Couch
Fiscal Analyst: Ben Gielczyk
■ This analysis was prepared by nonpartisan House staff for use by House members in their deliberations, and does not constitute an official statement of legislative intent.