LANSING, Mich. — Governor Gretchen Whitmer signed five bills into law today that are aimed at fostering job creation and reducing costs for businesses across the state. The new legislation, which focuses on supporting innovation and entrepreneurship, is expected to make Michigan a more attractive destination for both new businesses and employees.
Among the bills signed are two key measures establishing a “research and development” tax credit. This credit will be available to authorized businesses and taxpayers, with the potential for substantial benefits. Businesses with 250 or more employees could receive up to $2 million annually, while smaller businesses with fewer than 250 employees are eligible for credits of up to $250,000 each year. The goal is to incentivize businesses to invest in R&D, stimulating innovation and growth within the state.
Another major component of the new laws is the creation of a “Michigan Innovation Fund Program.” This initiative establishes a $60 million fund to help entrepreneurs launch their businesses in Michigan. The program aims to provide the financial support necessary for startups to thrive in their early stages, allowing them to compete in a rapidly evolving marketplace.
Governor Whitmer highlighted the importance of these measures in making Michigan more competitive for both new businesses and skilled workers. She pointed to the history of successful companies that started with modest beginnings, such as those founded in garages or dorm rooms. “They succeeded because they had access to financing from early-stage investors,” Whitmer said. “Michiganders are innovative, and we want to ensure they have the tools and support they need to grow their companies from the ground up.”
The governor’s office has emphasized that the legislation will contribute to Michigan’s long-term economic success, creating opportunities for entrepreneurs while positioning the state as a hub for innovation. By supporting businesses at all stages of development, from startups to established companies, the new laws are designed to build a more robust, dynamic economy.
