MI HB5293

Creates a tax credit for employers equal to 50% of income tax withheld for each qualified new job created, available for tax years 2026 through 2035

Caps total annual credits at $50 million, with minimum allocations of $10 million for small employers (under 100 employees), $15 million for medium employers (100-999 employees), and $25 million for large employers (1,000+ employees)

Qualified new jobs must be permanent full-time positions (35+ hours/week) paying at least 150% of the regional median wage, exceeding the employer's September 30, 2025 workforce level

Employers who fail to maintain at least 95% of their full-time jobs in Michigan from September 30, 2025 are ineligible for the credit

Unused credits may be carried forward for up to 3 tax years but are not refundable or transferable; the bill is contingent on HB 5292 being enacted