MI HB6273

Allows qualified small businesses to claim a tax credit against Michigan business tax for 2010 and 2011 tax years equal to total compensation paid to qualified employees or $10,000 per qualified employee, whichever is less.

Credit is taken after all other credits and any excess amount above tax liability may be refunded or carried forward for up to 10 years to offset future tax liability.

Defines "qualified employee" as an individual hired between December 31, 2009 and January 1, 2012 in a full-time job (35+ hours per week) for a qualified small business in Michigan.

Defines "qualified small business" as a business with gross receipts not exceeding $30,000,000 and business income not exceeding $10,000,000.

Full-time jobs include those where income and social security taxes are withheld by the qualified taxpayer, an employee leasing company, or a professional employer organization.