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| 1 | 1 | HOUSE BILL NO. 4753 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: Sec. 672. (1) For tax years that begin on and after January 1, 2024, a taxpayer may claim a credit against the tax imposed by this part equal to 15% of the taxpayer's qualified research and development expenses in this state incurred during the tax year. (2) If the amount of the credit allowed under this section exceeds the tax liability of the taxpayer for the tax year, that portion of the credit that exceeds the tax liability of the taxpayer for the tax year shall not be refunded but may be carried forward to offset tax liability under this act in subsequent tax years for a period not to exceed 15 tax years or until used up, whichever occurs first. (3) As used in this section: (a) "Qualified research and development expenses" means research and development expenses that are related to the design, development, or improvement of advanced small modular reactors and the deployment of activities to accelerate the availability of advanced small modular reactors into domestic and international markets. (b) "Research and development expenses" means qualified research expenses as that term is defined in section 41(b) of the internal revenue code. | |
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| 23 | 23 | HOUSE BILL NO. 4753 | |
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| 27 | 27 | A bill to amend 1967 PA 281, entitled | |
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| 29 | 29 | "Income tax act of 1967," | |
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| 31 | 31 | (MCL 206.1 to 206.847) by adding section 672. | |
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| 33 | 33 | the people of the state of michigan enact: | |
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| 35 | 35 | Sec. 672. (1) For tax years that begin on and after January 1, 2024, a taxpayer may claim a credit against the tax imposed by this part equal to 15% of the taxpayer's qualified research and development expenses in this state incurred during the tax year. | |
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| 37 | 37 | (2) If the amount of the credit allowed under this section exceeds the tax liability of the taxpayer for the tax year, that portion of the credit that exceeds the tax liability of the taxpayer for the tax year shall not be refunded but may be carried forward to offset tax liability under this act in subsequent tax years for a period not to exceed 15 tax years or until used up, whichever occurs first. | |
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| 39 | 39 | (3) As used in this section: | |
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| 41 | 41 | (a) "Qualified research and development expenses" means research and development expenses that are related to the design, development, or improvement of advanced small modular reactors and the deployment of activities to accelerate the availability of advanced small modular reactors into domestic and international markets. | |
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| 43 | 43 | (b) "Research and development expenses" means qualified research expenses as that term is defined in section 41(b) of the internal revenue code. |