SB 924 Summary

• Allows taxpayers to claim a 50% income tax credit against tax liability for qualified investments made in qualified Michigan businesses after the bill's effective date.

• Requires taxpayers to request certification from the Michigan Strategic Fund within 60 days of making an investment and attach the certificate to their annual tax return to claim the credit.

• Excess credits that exceed a taxpayer's annual tax liability can be carried forward to offset tax liability in subsequent tax years for up to 10 years.

• Defines "qualified business" as a Michigan-based business with headquarters, domicile, and majority of employees in the state, earning at least 80% of gross revenues and holding at least 80% of assets in Michigan.

• Restricts "qualified investments" to cash or cash equivalent investments where the investor and their family members have no preexisting employment, ownership, or fiduciary relationship with the business.