MI HB6047

Allows taxpayers to claim a tax credit equal to 30% of qualified investment costs for reequipping, expanding, or establishing manufacturing facilities that produce qualifying biobased products in Michigan.

Limits total credits statewide to $12,000,000.00.

Permits unused credits to carry forward for up to 10 years to offset future tax liability, but does not allow refunds if credits exceed current year tax liability.

Defines "qualifying biobased product" as any product with at least 25% biobased content (measured by carbon from biological sources using ASTM D6866 methodology), excluding food, feed, fuel, and most paper/wood products unless made from certified sustainable or federal public lands timber.

Applies to tangible personal property and other property used as integral parts of the manufacturing facility that are subject to depreciation and placed in service during the tax year.