MI HB5652

Amends the Michigan early stage venture investment corporation law to require distribution of $60,000,000 from realized earned returns to the 21st century jobs trust fund as of June 30, 2024, with remaining returns deposited in the general fund.

Requires the board of the Michigan early stage venture investment corporation to distribute all realized earned returns on investments (after June 30, 2024) annually to the state treasurer for deposit in the general fund of the state.

Establishes that venture investment funds expire on a date determined by the board after January 1, 2030, with remaining money deposited in the general fund after all debts and obligations are satisfied.

Specifies that upon dissolution of the Michigan early stage venture investment corporation, remaining property (excluding restricted grants and appropriations) must be deposited in the general fund of the state.

Requires enactment of House Bill No. 5651 and House Bill No. 5653 as conditions for this bill to take effect; effective date is 91 days after final adjournment of the 2024 Regular Session.