Michigan Takes Bold Step with New R&D Tax Credit
In a significant move to enhance its business environment, Michigan has introduced a state-level research and development (R&D) tax credit. Announced on Monday, January 13, the bipartisan legislation, encapsulated in House Bills 5100 and 5101, marks a pivotal initiative for the state, championed by the Michigan Chamber.
Previously, Michigan stood out as one of the few states lacking such a credit. The introduction of this tax incentive is poised to transform Michigan into a more appealing destination for both new and existing businesses, fostering growth and innovation across the state.
-
Key Highlight: Small businesses with fewer than 250 employees are eligible for a 15% credit, with an annual cap of $250,000.
- The R&D tax credit becomes available starting with the 2025 tax year.
For those interested in further details, the official announcement provides a comprehensive overview. Additionally, full bill details can be accessed here and here.
Read More Here
