LANSING, MI (AP)-- The Michigan House is moving on limiting future liabilities related to a startup investment program backed by state taxpayer dollars.
The House voted nearly unanimously on Wednesday to approve bills that would cap expenses the state might have to pay related to the Venture Michigan Fund. The fund was created in 2003 as an effort to lure more startup businesses to the state.
According to a report from the nonpartisan House Fiscal Agency, the state will owe $140 million related to the program over the next three years.
The bills would effectively prevent the fund from receiving additional money it could put toward making new investments, because that money would put the state on the hook for more payments in the future.