Individual income tax: credit; credit for certain investments in Michigan businesses; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 280.

This bill creates a new tax credit for Michigan residents who invest in specific local businesses starting in 2025. To qualify, an investor must make a cash investment in a company that has its headquarters, employees, assets, and at least 80% of its revenue within the state. The Michigan Strategic Fund will review these investments and issue a certificate required to claim a credit equal to 50% of the investment amount, up to a maximum of $3,000 per year. If the credit is larger than the taxpayer's current tax bill, the unused portion can be carried forward for up to 10 years to reduce future taxes. The legislation also includes a provision to ensure the state receives enough funding to cover any revenue lost from this new tax incentive.