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MI HB5601
Bill
Status
12/2/2021
Primary Sponsor
Matthew Hall
Click for details
AI Summary
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Establishes a 15% tax credit for taxpayers claiming qualified research and development expenses incurred in Michigan for tax years beginning January 1, 2022 and after
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Allows unused credits exceeding tax liability to be carried forward for up to 15 tax years or until fully used, whichever occurs first
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Defines "qualified research and development expenses" as expenses related to semiconductors, automated driving systems for motor vehicles, or life sciences technology
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Defines key terms including "research and development expenses" by reference to section 41(b) of the Internal Revenue Code, and specifies semiconductor industry definitions
Legislative Description
Corporate income tax: credits; credit for qualified research and development expenses; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding sec. 672.
Corporate income tax: credits
Last Action
Bill Electronically Reproduced 12/02/2021
12/7/2021