MI HB4816

Creates a 50% income tax credit for taxpayers who make qualified investments in certified Michigan businesses, effective for tax years beginning January 1, 2025

Limits the credit to a maximum of $3,000 per qualified business and $3,000 total per taxpayer per tax year

Requires the Michigan Strategic Fund to certify investments within 60 days of the investment being made and to develop application and approval processes

Qualified businesses must be headquartered and domiciled in Michigan, have a majority of employees in the state, receive at least 80% of gross revenues from Michigan operations, and maintain at least 80% of assets in the state

Unused credits may be carried forward for up to 10 tax years; investments in businesses where the investor or family members are employees, owners, or have fiduciary relationships are excluded