Corporate income tax: credits; credit for advanced small modular reactors research and development expenses; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 672.

HB 4753 amends Michigan's corporate income tax law to create a new tax credit for companies conducting research and development on advanced small modular reactors. Starting in the 2024 tax year, eligible businesses can claim a credit equal to 15% of their qualified R&D expenses incurred within the state, provided those expenses relate to designing, developing, or improving these specific nuclear reactor technologies. If the credit amount is larger than the company's tax bill for that year, the unused portion can be carried forward for up to 15 years to reduce future tax liabilities. This provision directly affects corporations operating in Michigan that are investing in the development and deployment of advanced small modular reactor technology.