Michigan HB5293 amends the state's income tax law to allow employers to claim a credit for creating qualified new jobs.

Michigan HB5293 amends the state's income tax law by adding a section allowing employers to claim a credit for creating qualified new jobs. Employers can claim a credit equal to 50% of the income tax withheld for each qualified new job. The credit cannot exceed the employer's tax liability and any excess can be carried forward for up to three years. The bill defines terms such as "full-time job," "qualified new job," and "prosperity region." The credit is subject to annual caps for small, medium, and large employers, with a total cap of $50 million per year.

Michigan HB5293 amends the state's income tax law to allow employers to claim a credit for creating qualified new jobs.

Michigan HB5293 amends the state's income tax law by adding a section allowing employers to claim a credit for creating qualified new jobs. Employers can claim a credit equal to 50% of the income tax withheld for each qualified new job. The credit cannot exceed the employer's tax liability and any excess can be carried forward for up to three years. The bill defines terms such as "full-time job," "qualified new job," and "prosperity region." The credit is subject to annual caps for small, medium, and large employers, with a total cap of $50 million per year.