Lansing, MI – Michigan Senator Dale Zorn has reintroduced tax credit legislation to provide an incentive for Michigan residents to invest in a Michigan business to help them succeed.
Senate Bill 13 would allow Michigan residents to claim a tax credit for up to 50% of a qualified investment into a Michigan business.
Under the bill, a qualified business would need to be located and headquartered in Michigan, have a majority of its employees working in Michigan and receive at least 80% of its gross revenues from operations in Michigan.
To be eligible for the credit, no one in the investor’s family could be an employee or owner of the business or have a preexisting financial relationship with the business.
The bill has been referred to the Senate Finance Committee for consideration.
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