A bill to create a research and development tax credit program; to provide for the administration of the research and development tax credit program; to encourage research and development in this state; to determine eligibility and enter into agreements for certain tax credits; to prescribe the powers and duties of certain state agencies, boards, and departments; to assess and collect certain fees.
Proposes a research and development tax credit program in Michigan to boost R&D activities by offering tax credits to businesses that increase their R&D spending significantly. Eligibility requires businesses to augment their R&D expenditure by $500,000 annually if they have 250 or more employees, or $100,000 annually for those with fewer than 250 employees. The Department of Treasury will oversee the program, which has a $100,000,000 annual cap on total R&D credits, reserving at least $25,000,000 for smaller businesses. The program limits agreements to a maximum of 5 years and mandates annual effectiveness reports.
Co-sponsored by Reps.
Referred to the Committee on Economic Development and Small Business
Reported without amendment
Referred to the Committee on Economic Development and Small Business
Reported with substitute H-2
Referred to the Committee on Economic Development and Small Business
