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Michigan Legislature Frees Fed R&D Grants from State Taxes
Michigan small businesses receiving state and federal grants for research and development will be able to put more of those funds into their work, with legislation unanimously passing the state Senate last week.
A key component of the Senate Republicans' JOBS II action plan, Senate Bill 1116 now moves to Democratic Gov. Jennifer Granholm. A recent Associated Press article reports Gov. Granholm has not decided whether or not to sign the bill.
SB 1116 amends the Single Business Tax Act (SBT) to allow SBT payers to deduct state and federal research grants from their tax base income. The bill's proponents suggest the measure will be a lure to attract high tech businesses to the state and will aid emerging tech firms, many of whom receive much of their start up revenues through federal grants such as the Small Business Innovation Research program.
Legislative analysis of the fiscal impact for the bill suggests the cost to the state's general revenue funds will be $500,000 per year.
SB 1116 is available through the Michigan Legislature at: http://www.michiganlegislature.org/mileg.asp?page=getObject&objName=2004-SB-1116
Michigan