A bill to amend 2000 PA 489, entitled “Michigan trust fund act,” by amending sections 7 and 8 (MCL 12.257 and 12.258), section 7 as amended by 2023 PA 139 and section 8 as amended by 2014 PA 504.
Together, House Bills 5651, 5652, and 5653 would establish the Michigan Innovation Fund, a program that would provide grants to certain venture capital funds and nonprofits to promote venture capital investment. House Bills 5652 and House Bill 5653 would amend the Michigan Early Stage Venture Investment Act and the Michigan Strategic Fund Act, respectively, to create the program and provide for its funding through the Michigan Early Stage Venture Investment Fund (known as the Venture Michigan Fund). HB 5651 is a companion bill that would make complementary changes to the Michigan Trust Fund Act.
Co-sponsored by Reps.
Referred to the Committee on Economic Development and Small Business
Reported with substitute H-1
Substitute H-1 concurred in by voice vote
Passed in the House 74 to 35 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Referred to the Committee on Regulatory Affairs
Reported from the Committee on Economic and Community Development
Referred to the Committee of the Whole
Reported without amendment
Passed in the Senate 22 to 16 (details)
