SB 0115
Individual income tax: credit; credit for certain investments in Michigan businesses; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 281.
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill creates a tax credit for investments made in Michigan businesses that meet specific criteria. Taxpayers who invest in qualified businesses certified by the Michigan Strategic Fund can claim a credit equal to 50% of their investment, up to a maximum of $3,000 per business and $3,000 total per year. The investment must comply with securities laws and be subject to certification by the Michigan Strategic Fund, and the credit can be carried forward for up to 10 years.
Sponsors
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Primary sponsor
Joseph N. Bellino Jr.
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