MI HB4367

Establishes a 15% income tax credit for taxpayers incurring qualified research and development expenses in Michigan, effective for tax years beginning January 1, 2023

Caps individual taxpayer credits at $2,000,000 per tax year, with a statewide annual cap of $500,000,000 for all taxpayers combined; reduces credits pro rata if total claims exceed the cap

Defines "qualified research and development expenses" as expenses for new research projects beginning after the bill's effective date or expenses exceeding the taxpayer's 3-year average baseline amount

Allows unused credits to carry forward for up to 15 tax years to offset future tax liability but does not allow refunds of excess credits

Enactment is conditioned on passage of either Senate Bill No. ____ or House Bill No. 4368