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Michigan lawmakers propose ‘seed capital’ fund and investment tax relief to develop high-tech jobs in state

$50 million for startups will lure high-tech jobs, state lawmakers say

Just days after Democratic Gov. Jennifer Granholm unveiled a sweeping reform of state business taxes to create manufacturing and research jobs, Senate Republicans are offering their own prescription for generating high-tech employment in the state.

At news conferences today in Grand Rapids and Kalamazoo, lawmakers said they will introduce a legislative package in the next several weeks that would create a $50 million technology commercialization fund.

The so-called "seed capital" fund would help primarily startup life sciences companies bring new drugs and other health care-related products to the market.
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Also under the legislation, wealthy individuals known as "angel investors" would receive up to about $5,000 in income tax credits against losses incurred in investing in young, high-tech companies

BY RICK HAGLUND
Ann Arbor News Bureau

Full Story: http://www.mlive.com/business/aanews/index.ssf?/base/business-3/1107186159197271.xml

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