2023 House Bill 4367

AI Analysis – Experimental

HB 4367 and 4368 propose an amendment to the Income Tax Act of 1967, specifically by adding section 672, which would allow Michigan taxpayers to claim a credit against their state income tax for qualified research and development expenses incurred within the state. The credit would be equal to 15% of the qualifying expenses, with a maximum credit of $2,000,000 per taxpayer per tax year. The total amount of credits available in a single tax year is capped at $500,000,000, and if claims exceed this limit, credits will be reduced proportionally. Unused credits can be carried forward for up to 15 years but are not refundable.