Advocacy News – Jan. 16, 2025

What’s happening: This Monday, Jan. 13, the governor formalized bipartisan legislation (House Bills 5100 and 5101) establishing a state-level research and development (R&D) tax credit, a Michigan Chamber priority.

Why it matters: Michigan was an outlier in not offering such a credit, and its availability will bolster the Great Lakes State as an attractive destination for new businesses and help existing state businesses grow and continue to innovate.

• One key thing: Smaller businesses under 250 employees are also eligible and can receive a 15% credit, capped annually at $250,000.

• The credit will be available starting this 2025 tax year.

Go deeper:  For more information, read the announcement or full bill details here and here.