Loading chat...
MI HB4753
Bill
Status
6/14/2023
Primary Sponsor
Pauline Wendzel
Click for details
AI Summary
-
Allows taxpayers to claim a credit against Michigan income tax equal to 15% of qualified research and development expenses for advanced small modular reactors incurred in-state, effective for tax years beginning January 1, 2024
-
Unused credits exceeding a taxpayer's annual tax liability may be carried forward for up to 15 tax years to offset future tax liability but are not refundable
-
Defines "qualified research and development expenses" as costs related to design, development, improvement, and market deployment of advanced small modular reactors
-
Defines "research and development expenses" by reference to Section 41(b) of the Internal Revenue Code
Legislative Description
Corporate income tax: credits; credit for advanced small modular reactors research and development expenses; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 672.
Corporate income tax: credits
Last Action
Referred To Committee On Energy, Communications, And Technology
12/4/2024