A bill to amend 1967 PA 281, entitled “Income tax act of 1967,” (MCL 206.1 to 206.847) by adding section 672.
Allows Michigan taxpayers to claim a credit against their state income tax. This credit would be equal to 15% of the taxpayer's qualified research and development expenses incurred within the state during the tax year, starting from January 1, 2024. The bill specifies that these expenses must be related to the design, development, or improvement of advanced small modular reactors, including activities to accelerate their availability domestically and internationally. If the credit exceeds the taxpayer's liability for the year, it cannot be refunded but may be carried forward to offset future tax liabilities for up to 15 years or until fully utilized.
Introduced
by
Referred to the Committee on Tax Policy
