MI HB5778

Increases the corporate income tax rate from 6.0% to 15.0% on the corporate income tax base after allocation or apportionment to Michigan.

Creates a new tax credit under Section 672 for qualified businesses engaged in manufacturing or research that have added at least 5 full-time jobs in the preceding tax year, allowing them to reduce their tax liability to 6.0% of business income.

Defines "full-time job" as employment of 35 or more hours per week with income and social security tax withholding.

Maintains existing adjustments to the corporate income tax base related to interest income, dividends, net operating losses, intangible assets, and oil and gas income.

Allows business losses incurred after December 31, 2011 to be carried forward for up to 10 years as an offset to the corporate income tax base.