MI HB4195

Prohibits Michigan early stage venture investment corporations from entering into new agreements with investors after the effective date of the amendment, though existing agreements may be modified without borrowing additional principal or increasing tax vouchers.

Prevents Michigan early stage venture investment corporations from creating new venture investment funds or making new commitments to contribute capital to venture capital companies after the effective date of the amendment.

Allows modification of existing agreements with investors who provided loans or lines of credit, capped at $500,000 in costs without state budget director consent, with modifications reported to the state budget office within 30 days.

Prohibits the Department of Treasury from approving any new tax voucher certificates after the effective date of the amendment, with a total cap of $450,000,000 on all tax voucher certificates issued.

Requires Michigan early stage venture investment corporations to publish annual reports on the Internet within 3 months of fiscal year-end, detailing investment activities, economic impact analysis, job creation, return on investment, and 5-year tax voucher usage projections.