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Michigan Lawmakers Pass Angel Investment Tax Credit Legislation
Michigan lawmakers last week passed a measure aimed at increasing access to capital for small businesses by allowing taxpayers to collect an income tax credit worth 25 percent of a qualified investment in emerging industries such as advanced manufacturing and life sciences. Under HB 5921, the investment must be at least $20,000 and certified by the Michigan Strategic Fund (MSF). MSF can certify up to $9 million in credits in a single year with up to $250,000 for each business. Gov. Jennifer Granholm proposed the angel tax credit during her State of the State address earlier this year (see the Feb. 10, 2010 issue of the Digest). The measure was passed with broad support by a vote of 85-14 in the House and 34-0 in the Senate. Read the governor's press release ...