MichiganBonus bonds would be negotiable and tax exempt if related bill passes
If HB 6347 becomes law, Michigan’s Vietnam veteran bonus bonds would be negotiable under commercial law and exempt from state and local taxes.
What it does
If HB 6347 becomes law, bonds issued under Michigan’s Vietnam veteran bonus law would be fully negotiable under commercial law, which governs how they can be transferred.
If HB 6347 becomes law, the text says these bonds and their interest are exempt from taxes imposed by Michigan and its local governments.
Argument forIf HB 6347 also becomes law, fully negotiable bonds could be easier for bondholders to transfer.
Argument againstBecause this bill depends on HB 6347 becoming law, bondholders may not get these terms if that bill is not enacted.
More detail
The bill text says bonds issued under the act are fully negotiable under the Uniform Commercial Code. This applies to bonds issued under Michigan’s Vietnam veteran bonus law. This bill takes effect only if HB 6347 is enacted into law. This bill takes effect only if HB 6347 is enacted into law.
The bill text says the bonds and their interest are exempt from state and local taxes. This applies to bonds issued under Michigan’s Vietnam veteran bonus law and the interest on those bonds. This bill takes effect only if HB 6347 is enacted into law. This bill takes effect only if HB 6347 is enacted into law.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 29bill electronically reproduced 09/24/2026Latest
- Sep 24referred to Committee on FinanceMinor
- Sep 24read a first timeMinor
- Sep 24introduced by Representative Rep. Douglas WozniakIntroduced
VeteransTaxes & Budget