SB 0557
Corporate income tax: credits; research and development credit for certain businesses located in an aerospace defense zone; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding secs. 279 & 679.
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill creates a new tax credit for businesses located in Michigan’s aerospace defense zones. It offers two types of credits: one for research and development expenses (up to 30% of qualified expenses, capped at $10 million per year) and another for the storage and maintenance of finished goods inventory (up to 20% of expenses, capped at $1 million per year). To qualify, businesses must be designated by the Michigan Strategic Fund and receive a certificate. The credits are available through 2029 and are subject to funding limitations.
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Primary sponsor
Cosponsors
Mark E. Huizenga
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