Detroit City Wire

Governor Gretchen Whitmer has signed a series of bipartisan bills to establish the Michigan Innovation Fund and an R&D Tax Credit. The legislation aims to reduce costs for businesses, support innovation, and create jobs in Michigan. The Detroit Regional Chamber and MichAuto have expressed their support for these measures.

The new laws are designed to provide resources for businesses of all sizes to reinvest in Michigan, attracting investments by incentivizing research and innovation. Governor Whitmer stated, "Our brand-new, bipartisan Innovation Fund and R&D Tax Credit will empower Michigan entrepreneurs, lower costs for Michigan businesses, and create good-paying Michigan jobs."

Lieutenant Governor Garlin Gilchrist II emphasized the importance of these tools for innovators across the state: "These new tools will make it easier for countless innovators and entrepreneurs across Michigan to grow our economy."

Ben Marchionna from the MEDC highlighted the significance of this investment: "By establishing the Michigan Innovation Fund alongside the new R&D Tax Credit, we’re declaring the grit, creativity, and enduring prowess of our entrepreneurs and innovators deserve to be supported."

House Bills 5100 and 5101 were sponsored by Representatives Jasper Martus (D-Flushing) and Julie Rogers (D-Kalamazoo). These bills offer tax credits for eligible taxpayers and employers engaging in research activities. Representative Rogers noted that her bill provides incentives to attract small businesses with fewer than 250 employees.

Mike Johnston from the Michigan Manufacturers Association commented on how this initiative could enhance competitiveness: "The creation of a research and development credit increases our competitiveness."

Dr. Stephen Rapundalo from MichBio sees this as a victory for high-tech industries: "This reestablishment...is a huge step towards raising Michigan’s overall level of competitiveness in life sciences."

House Bills 5651, 5652, and 5653 aim to support business startups by creating an innovation fund with $60 million allocated. Representative Jason Hoskins (D-Southfield) said that this would generate good-paying jobs while Representative Alabas Farhat (D-Dearborn) emphasized its role in uplifting small businesses.

Representative Greg VanWoerkom (R-Norton Shores) believes that the next great business is already in Michigan: "I truly believe the next great business is here in Michigan."

Santa J. Ono from the University of Michigan expressed gratitude towards leadership efforts: “We’re so grateful for the vision and leadership shown by Governor Whitmer.”

Dave Blaszkiewicz from Invest Detroit sees this as vital for strengthening start-up ecosystems: “The Michigan Innovation Fund is a vital step in strengthening our start-up ecosystem.”

Warren Call from Traverse Connect mentioned its impact on northwest Michigan's startup community: “Innovative startups in Michigan are developing scalable businesses that will thrive.”