LANSING — State Rep. Nancy Jenkins-Arno testified before the Michigan House Rules Committee this week in support of a plan aimed at encouraging more investment in Michigan-based businesses.
The proposal, House Bill 4816, would allow individuals who invest in a qualifying Michigan company to claim a state income tax credit equal to 50% of their investment.
The credit would be capped at $3,000 per investor each tax year.
Under the bill, eligible businesses would need to be based in Michigan, employ a majority of their workers in the state, and generate most of their revenue and assets from Michigan operations.
Jenkins-Arno says the goal is to encourage residents to invest in local companies, helping small and growing businesses expand while creating more jobs across the state.