House Republican Leader Matt Hall (R-Richland Twp.) called for a research and development tax credit to incentivize businesses of any size to invest in innovation in Michigan. Under his plan, a business would be eligible for a tax credit on any new research and development in the state or on any increased expenses above the company’s preceding three-year average. The plan would provide a credit worth 15% of a business’s federal research and development tax credit, up to $2 million per year. If a business’s tax liability exceeds its eligible credit, the credit would carry forward up to 15 years. The plan would provide up to $500 million in tax credits each year. Legislation will be introduced soon.
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