Mitechnews.Com has a detailed look at the bill introduced Wednesday by Michigan House Republicans that would divert tobacco settlement money from technology and life sciences start ups to fund business tax cuts. The plan calls for $300 million of the securitization money to be earmarked for life sciences, homeland security, high-tech automotive and alternative energy, rather than the original $2 billion proposed by Gov. Jennifer Granholm. The remaining $700 million would then be used to cut industrial personal property taxes and bring the Single Business Tax rate down to 1.7% over four years.

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