Economic development: other; funding for the Michigan innovation fund program; provide for. Amends secs. 7, 31 & 33 of 2003 PA 296 (MCL 125.2237 et seq.).

This bill updates the rules for Michigan early stage venture investment corporations, which are organizations that invest money to help small businesses grow. It requires these corporations to include specific language in their official documents stating they must return profits to the state and outlines exactly how much money must be sent to state funds based on when the corporation ends or when its special investment fund expires. Specifically, the law mandates that if these corporations have earned returns by June 30, 2024, they must send $60 million to a state jobs trust fund, while any remaining profits go to the general state fund. For years after 2024, all earned returns must be sent to the general fund, and upon the corporation's final dissolution, the first $140 million of remaining assets must go to the general fund before any leftover money is directed to the jobs trust. The bill also includes a condition that it will only become active if two other related bills are passed into law.