{"id":399,"date":"2023-02-14T06:36:22","date_gmt":"2023-02-14T11:36:22","guid":{"rendered":"https:\/\/kgop.org\/?p=399"},"modified":"2023-02-14T06:36:25","modified_gmt":"2023-02-14T11:36:25","slug":"leader-hall-calls-for-tax-credit-to-boost-engineering-research-and-development-at-michigan-businesses","status":"publish","type":"post","link":"https:\/\/kgop.org\/?p=399","title":{"rendered":"Leader Hall calls for tax credit to boost engineering, research and development at Michigan businesses"},"content":{"rendered":"\n
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PRESS RELEASE| February 8, 2023 <\/p>\n\n\n\n

Contact:Matt Hall<\/a><\/p>\n\n\n\n

House Republican Leader Matt Hall on Wednesday called for a research and development tax credit to incentivize businesses of any size to invest in innovation in Michigan.<\/p>\n\n\n\n

Hall\u2019s broad proposal to support research and development at Michigan businesses comes in advance of the governor\u2019s annual budget presentation later Wednesday morning, at which her administration is expected to tout an unaccountable slush fund to offer huge payments to a few large corporations.<\/p>\n\n\n\n

\u201cMichigan should lead the nation in innovation \u2014 researching complex issues, developing creative new technologies, and building the economy of the future with high-paying, high-tech careers,\u201d said Hall, R-Richland Township. \u201cWith a strong research and development tax credit, Michigan can be first in the country for investments in cutting-edge engineering and research. Michigan is home to some of the most advanced automotive engineering and research in the world, and Michigan workers are also conducting pioneering research and development in life sciences, electronics, agriculture, and other industries \u2014 all in Michigan. With my plan for a research and development tax credit, Michigan will compete nationally and globally to attract future projects in research and development and engineering, accompanied by the best, high-paying careers, at businesses large and small.\u201d<\/p>\n\n\n\n

Under Hall\u2019s plan, a business would be eligible for a tax credit on any new research and development in Michigan or on any increased expenses above the company\u2019s preceding three-year average for Michigan-based research and development. The plan would provide a credit worth 15% of a business\u2019s federal research and development tax credit, up to a $2 million credit in a year. If a business\u2019s tax liability exceeds its eligible credit, the credit would carry forward up to 15 years.<\/p>\n\n\n\n

The plan would provide up to $500 million in research and development tax credits each year. Hall said investing in wide-ranging development at local businesses is a far better plan than the unaccountable $500 million fund for large corporate projects expected to be pushed by the governor in a tax bill that could go to a vote as soon as Wednesday.<\/p>\n\n\n\n

\u201cLocal entrepreneurs also play a key role in moving Michigan\u2019s economy forward, so we should encourage cutting-edge investments and support businesses across the board \u2014 unlike Gov. Whitmer\u2019s tendency to favor a few big corporations,\u201d Hall said. \u201cA narrow-minded focus on large corporations ignores the countless small businesses that are innovating, discovering, and creating each and every day. Support for research and development at all Michigan businesses is support for a healthy economy and high-paying careers for Michiganders.\u201d<\/p>\n\n\n\n

Legislation to create the new research and development tax credit will be introduced soon.<\/p>\n\n\n\n

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The above is a press release from State Representative Matt Hall’s Office. <\/p>\n","protected":false},"excerpt":{"rendered":"

PRESS RELEASE| February 8, 2023 Contact:Matt Hall House Republican Leader Matt Hall on Wednesday called for a research and development tax credit to incentivize businesses of any size to invest in innovation in Michigan. Hall\u2019s broad proposal to support research and development at Michigan businesses comes in advance of the governor\u2019s annual budget presentation later […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-399","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/kgop.org\/index.php?rest_route=\/wp\/v2\/posts\/399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kgop.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kgop.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kgop.org\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/kgop.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=399"}],"version-history":[{"count":1,"href":"https:\/\/kgop.org\/index.php?rest_route=\/wp\/v2\/posts\/399\/revisions"}],"predecessor-version":[{"id":401,"href":"https:\/\/kgop.org\/index.php?rest_route=\/wp\/v2\/posts\/399\/revisions\/401"}],"wp:attachment":[{"href":"https:\/\/kgop.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kgop.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kgop.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}