Detroit Regional Chamber, HB 5099-5102, Research and Development Tax Credit

Summary

In this memo dated October 17, 2023, the Detroit Regional Chamber writes to the House Economic Development and Small Business Committee about HB 5099-5102, a research and development tax credit package. The Chamber describes its membership as more than 1,800 businesses in the 11-county southeast Michigan region. It states its concern with the method the package would use, under which the Michigan Strategic Fund has full discretion on who can and will receive the credit. It asks the committee to support a credit that is broad, automatic and administered by the Department of Treasury.

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“Detroit Regional Chamber, HB 5099-5102, Research and Development Tax Credit.” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-10-17-testimony-hecon-2023-hb-5099-5102-detroit-regional-chamber-95b8661c7f/, SHA-256 99618e91da8847ca9064f7c3b84074509b9da72702584d1299e80b50642c84b7.

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DetroitRegionalChamber

Powermng the economy
for Southeast Michigan

777 Woodward Avenue © Suite 800 e Detroit, Michigan * 48226

DATE: October 17, 2023

TO: House Economic Development and Small Business Committee
FROM: The Detroit Regional Chamber

SUBJECT: HB 5099-5102, Research and Development Tax Credit

The Detroit Regional Chamber is proud to be the voice for business in the 11-county southeast
Michigan region. Our membership encompasses more than 1,800 businesses ranging from start-up
companies to global Fortune 500 companies that create jobs, investment, and economic opportunity in
one of the most innovative Regions in the nation.

Thank you to the sponsors, committee chair, and other members who have worked diligently on
a research and development tax credit. Michigan needs a strong research and development tax credit
program if we are to regain our place in the nation for these types of jobs.

The Chamber is concerned with the method this package would use to implement the research
and development tax credit. The preference of the Chamber is for a research and development tax
credit to be automatic and administered by the Michigan Department of Treasury. If you increase your
investment in research and development, you should be able to claim the credit. As drafted, the
Michigan Strategic Fund has full discretion on who can and will receive the credit.

The Detroit Regional Chamber asks that you support a research and development tax credit that
is broad, automatic, and administered by the Department of Treasury.

File and source

File: 2023-10-17_testimony_hecon-2023-hb-5099-5102-detroit-regional-chamber_39313.pdf
Size: 42,660 bytes
SHA-256: 99618e91da8847ca9064f7c3b84074509b9da72702584d1299e80b50642c84b7
Our copy: 2023-10-17_testimony_hecon-2023-hb-5099-5102-detroit-regional-chamber_39313.pdf
Original: No public link identified.