LANSING, MI (WKZO AM/FM) – Governor Gretchen Whitmer signed five bills Monday, including one co-sponsored by State Representative Julie Rogers of Kalamazoo that are designed to lower costs for businesses and support innovators and entrepreneurs.
House Bills 5100 and 5101, co-sponsored by Rogers establish a Research and Development (R&D) tax credit for eligible taxpayers and employers. Taxpayers and authorized businesses with 250 or more employees could claim up to $2 million per taxpayer or business, respectively, per year.
Companies with fewer than 250 employers can claim up to $250,000 per taxpayer or business, respectively, per year. The credit also allows taxpayers or employers to claim up to $200,000 in an additional credit for expenses if they collaborate with a research university.
Rogers says these bills will help leverage Michigan universities as a hub for innovation, with Michigan joining 36 other states who already have an R&D tax credit
“My bill aims to add robust incentives to increase and attract small businesses with fewer than 250 employees and fosters an environment to drive innovation and economic growth amongst many sectors, including life sciences and advanced manufacturing, ensuring our state feels positive economic impacts for generations to come.”
Also signed into law was the Michigan Innovation Fund Program, allocating $60 million for entrepreneurs and business startups who face difficulties in Michigan due to a lack of early-stage capital.
Comments