Michigan SB0995 introduces a work opportunity tax credit for employers in the state.

Michigan SB0995 amends the Michigan income tax law to allow employers to claim a work opportunity tax credit for qualified wages paid to qualified employees. A qualified employee is defined as a resident of Michigan who has been certified by the Michigan unemployment insurance agency as a member of a targeted group. The credit is equal to 50% of the amount of the credit the taxpayer is allowed to claim under the federal Work Opportunity Tax Credit. The credit cannot exceed the taxpayer's tax liability for the tax year, and any excess credit cannot be refunded.

Michigan SB0995 introduces a work opportunity tax credit for employers in the state.

Michigan SB0995 amends the Michigan income tax law to allow employers to claim a work opportunity tax credit for qualified wages paid to qualified employees. A qualified employee is defined as a resident of Michigan who has been certified by the Michigan unemployment insurance agency as a member of a targeted group. The credit is equal to 50% of the amount of the credit the taxpayer is allowed to claim under the federal Work Opportunity Tax Credit. The credit cannot exceed the taxpayer's tax liability for the tax year, and any excess credit cannot be refunded.