MI HB4368

Adds Section 716 to Michigan's corporate income tax act defining terms used for research and development tax credits under sections 677 and 717

Defines "authorized business" as flow-through entities or taxpayers subject to withholding requirements that have increased qualifying research and development expenses

Defines "base amount" as the average annual qualifying research and development expenses during the 3 calendar years preceding the tax year for which a credit is claimed, with zero base amount for businesses with no prior such expenses

Defines "qualifying research and development expenses" as qualified research expenses under federal Internal Revenue Code section 41(b) that are conducted within Michigan only

Defines "research university" as public universities under Michigan's state constitution or independent nonprofit colleges and universities located in Michigan