Bill > HB4753

This bill amends the Income Tax Act of 1967 to provide a 15% tax credit to taxpayers for qualified research and development (R&D) expenses incurred in Michigan related to the design, development, or improvement of advanced small modular reactors and the deployment of activities to accelerate their availability in domestic and international markets. The credit can be carried forward for up to 15 tax years to offset future tax liabilities if it exceeds the taxpayer's current year tax liability. "Qualified R&D expenses" refers to expenses that meet the definition of qualified research expenses under the Internal Revenue Code.