Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Committee hears bill to give Michigan residents a 50% tax credit for local investments
Summary
Representative Jenkins introduced House Bill 48‑16 to create a tax credit intended to encourage non‑accredited (retail) Michigan residents to invest in qualified Michigan businesses. Proponents said the credit would recirculate capital locally and cited prior Michigan and international models; fiscal impact was described as “unknown.”
Representative Jessica Jenkins Arno introduced House Bill 48‑16, which would offer Michigan residents a tax credit equal to 50% of certain qualifying investments in Michigan businesses, the bill’s sponsor told the House Committee on Finance on Oct. 28.
"It's beyond time that we start looking for better ways to incentivize Michiganders to increase their economic opportunities and this is a great way to start," Jenkins said in opening testimony. She described the proposal as creating a tax credit to encourage local investment and local ownership.
In committee testimony, Jenkins described the credit as a 50% tax credit and gave multiple figures for annual limits: at one point she said the credit would have "an annual maximum benefit of $6,000 per year," and in other remarks she said there is "a maximum benefit of $3,000 with investments up to $6,000 per year." The bill also would allow unused credits to be carried forward for up to 10 years, she said.
Chris Miller…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
