Bill > HB4124

This bill establishes a new tax credit program for research and development (R&D) expenses related to advanced small modular nuclear reactor technologies, available for both taxpayers and employers starting in tax year 2025. The bill allows entities to claim a 15% credit for qualified research expenses conducted specifically within Michigan, focused on designing, developing, or improving advanced nuclear reactor technologies, fuel technologies, and power plant upgrades. Critically, the total credits available are capped at $25 million per calendar year, with credits prorated if total claims exceed this amount. Entities must submit a tentative claim by March 15th after the tax year, and while the credit can be carried forward for up to 15 years, it cannot be refunded if it exceeds tax liability. The bill defines key terms like "advanced nuclear reactor technologies" and "qualified research expenses" and specifies that research must be conducted within the state to qualify. Notably, this bill is contingent on the simultaneous passage of five related House Bills (4125-4129), indicating it is part of a broader legislative package addressing advanced nuclear technology development in Michigan.

Agriculture and Natural Resources

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-HB-4124