MI HB4180

Allows qualified taxpayers to claim a tax credit equal to 20% of compensation paid to qualified employees or $3,000 per employee per tax year, whichever is less, for tax years beginning January 1, 2019.

Permits unused credits exceeding tax liability to be carried forward as offsets to tax liability in subsequent tax years for up to 5 years.

Reduces or terminates credits if a taxpayer terminates employment of a qualified employee within 1 year of hiring that employee.

Defines qualified employees as individuals who were unemployed and had no full-time job in the 60 days before employment, are not replacing other employees, and are not relatives or dependents of majority owners.

Limits credit eligibility to employers with fewer than 100 full-time employees and applies to taxpayers including financial institutions and insurance companies.