LANSING – The Early Stage Venture Investment Fund will see no additional funds under legislation signed Monday by Governor Rick Snyder.
Snyder also signed bills allowing high school students to take financial literacy classes for economics credit and increasing fines for certain poaching offenses.
The venture fund had come under fire for not being able to demonstrate it was attracting or retaining business in the state. The Michigan Economic Development Authority would not be able to put more money into the fund under HB 4195 (PA 192), and the state’s liability for vouchers issued by the fund would be reduced to $450 million from $600 million under HB 4365 (PA 194). The fund would expire January 1, 2030, under HB 4196 (PA 193).
The change takes effect immediately.
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