HOUSE BILL NO. 4753
June 14, 2023, Introduced by Reps. Wendzel and Aragona and referred to the Committee on Tax
Policy.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
(MCL 206.1 to 206.847) by adding section 672.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 672. (1) For tax years that begin on and after January 1,
2 2024, a taxpayer may claim a credit against the tax imposed by this
3 part equal to 15% of the taxpayer's qualified research and
4 development expenses in this state incurred during the tax year.
5 (2) If the amount of the credit allowed under this section
6 exceeds the tax liability of the taxpayer for the tax year, that
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1 portion of the credit that exceeds the tax liability of the
2 taxpayer for the tax year shall not be refunded but may be carried
3 forward to offset tax liability under this act in subsequent tax
4 years for a period not to exceed 15 tax years or until used up,
5 whichever occurs first.
6 (3) As used in this section:
7 (a) "Qualified research and development expenses" means
8 research and development expenses that are related to the design,
9 development, or improvement of advanced small modular reactors and
10 the deployment of activities to accelerate the availability of
11 advanced small modular reactors into domestic and international
12 markets.
13 (b) "Research and development expenses" means qualified
14 research expenses as that term is defined in section 41(b) of the
15 internal revenue code.
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Statutes affected:
House Introduced Bill: 206.1, 206.847