MI HB4124

Creates a 15% tax credit against Michigan income tax for qualified research and development expenses related to advanced nuclear reactor technologies, advanced nuclear fuel technologies, and power uprates at existing nuclear power plants, effective January 1, 2025

Limits the aggregate amount of credits available to all claimants to $25,000,000 per calendar year; if claims exceed this cap, the department must prorate credits equally among claimants

Requires taxpayers and employers to submit tentative claims by March 15 following the calendar year in which expenses were incurred to be eligible for the credit

Unused credits cannot be refunded but may be carried forward for up to 15 tax years to offset future tax liability

Applies to both individual/corporate taxpayers (Section 677a) and employers claiming against withholding taxes (Section 717a), with research required to be conducted in Michigan to qualify