Acena Consulting Applauds Michigan on the Signing of Their New Michigan R&D Tax Credit – PR.com

Thousand
Oaks,
CA,
January
16,
2025
–(PR.com)– Governor
Gretchen
Whitmer,
J.D.
has
signed
legislation
that
will
provide
a
powerful
boost
to
businesses:
a
new
Research
and
Development
(R&D)
tax
credit.
This
refundable
tax
credit,
effective
for
tax
years
beginning
on
or
after
January
1,
2024,
was
implemented
to
incentivize
innovation
and
invigorate
the
job
market
in
the
state
of
Michigan.

“Michigan
is
a
leader
in
manufacturing
and
innovation
globally
and
this
credit
provides
the
competitive
edge
Michigan
manufacturing
needs
to
continue
to
compete
on
the
global
stage.
We
are
excited
to
see
this
investment
by
the
state
of
Michigan
in
its
future
and
business
community.”
–
Randy
Eickhoff,
Founder,
Acena
Consulting,
LLC

While
eligible
businesses
should
still
claim
the
R&D
tax
credit
at
the
federal
level,
this
state-level
tax
credit
provides
further
incentives
to
offset
qualified
research
expenses
incurred
within
the
state.
These
expenses
may
include
wages,
supplies,
and
costs
for
contract
research.

Michigan
businesses
should
know
the
R&D
tax
credit’s
key
features:

Refundable
credit:
A
company
with
zero
tax
liability
can
still
receive
a
cash
refund
for
qualified
research
expenses
incurred
in
the
state.

Small-business
focus:
Smaller
companies
enjoy
a
greater
credit
rate,
rendering
the
R&D
credit
especially
helpful
to
small
businesses
and
startups.

Businesses
with
fewer
than
250
employees
are
eligible
for
a
15%
credit,
capped
annually
at
$250,000.

Businesses
with
more
than
or
equal
to
250
employees
are
eligible
for
a
10%
credit,
capped
annually
at
$2
million.

Incentivized
collaboration:
Businesses
that
partner
with
Michigan’s
research
universities
can
receive
an
additional
5%
credit,
capped
annually
at
$200,000.

About
Acena
Consulting

Acena
Consulting
is
a
multidimensional
tax
consultancy
specializing
in
R&D
tax
credits.
Our
approach
is
hands-on,
conservative,
and
technically
driven,
and
our
experienced
team
of
tax
professionals
includes
former
Big
Four
national
office
partners,
CPAs,
and
engineers.

We
will
provide
peace
of
mind
–
keeping
you
informed
of
all
tax
deadlines
and
updates
–
and
promise
accelerated,
accurate,
and
timely
delivery
of
your
documentation.
Schedule
a
free
consultation
today
at

www.acenaconsulting.com.