Michigan would have its own research and development tax credit under bills that passed the state Senate Tuesday.
Depending on the number of employees, the credit would cover about 10 to 15% of eligible R&D expenses above a company’s average level of spending.
That’s on top of a smaller base percentage of overall R&D costs.
Smaller businesses could receive up to $250,000 in tax credits in a calendar year while larger ones would be eligible for up to $2 million.
They could receive more money if the R&D involved a research university.
Each of Michigan’s surrounding states already has some form of an R&D tax credit.
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