MI HB5653

Creates the Michigan innovation fund program to support investments in qualified evergreen venture funds, emerging evergreen funds, venture capital funds, and start-up support services through the Michigan strategic fund.

Allocates money deposited in the 21st century jobs trust fund annually through fiscal year 2054 as follows: 5% to the investment fund, 80% to qualified evergreen venture funds, 8% to qualified emerging evergreen funds, and 7% to qualified nonprofits for start-up support services.

Requires grant recipients to commit awarded funds within 5 years, invest at least 5% in geographically disadvantaged business enterprises, and reinvest at least 85% of returns from investments; permits up to 15% for administration and technical assistance.

Mandates annual reporting by April 15 on all investments, expenditures, and returns; requires fund to conduct performance reviews within 90 days of any change in grant recipient leadership and submit a formal program review by January 1, 2030.

Requires grant recipients to distribute 10% of earned returns exceeding $8,000,000 within 15 years to the state's general fund; takes effect only if House Bills 5651 and 5652 are enacted.