Bill > HB5293

This bill establishes a new tax credit program for employers who create qualified new jobs in Michigan between 2026 and 2036. Employers can claim a credit equal to 50% of the income tax withheld from each qualified new job, subject to an annual statewide cap of $50 million. To be eligible, employers must submit a tentative claim by March 15 after the calendar year, detailing their full-time jobs and new qualified jobs. The credits are reserved proportionally for small (less than 100 employees), medium (100-999 employees), and large (1,000+ employees) employers. A qualified new job must be a full-time position paying at least 150% of the median wage in the facility's prosperity region, and must be in addition to the employer's existing workforce as of September 30, 2025. Employers who fail to maintain 95% of their existing workforce are ineligible, and the credits cannot be transferred or refunded but can be carried forward for up to three years. The credit can be claimed after other nonrefundable credits and is tied to the passage of a related House Bill 5292, ensuring the provisions are part of a broader legislative package.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-HB-5293