MI HB4691

Allows taxpayers to claim a 50% income tax credit on qualified investments in Michigan businesses, effective for tax years beginning January 1, 2023, with a maximum credit of $3,000 per business and $3,000 total per year.

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.

Defines "qualified business" as a Michigan-headquartered business with majority employees in Michigan, at least 80% of gross revenues from in-state operations, and at least 80% of assets in Michigan.

Permits unused credits to carry forward for up to 10 tax years but prohibits refunds of credits exceeding tax liability in the year claimed.

Excludes investments in businesses where the investor or their family member is an employee, owner, or has a preexisting fiduciary relationship.