LANSING, Mich. — Gov. Gretchen Whitmer singed a new law Monday in support of Michigan’s businesses and entrepreneurs.
The legislation creates the Research & Development Tax Credit as well as the Innovation Fund.
Whitmer explains the tax credit will reduce research and development expenses for new products conceived by large and small businesses.
The Innovation Fund will invest in new Michigan businesses to help their resources flourish.
"If you're starting something new and have potential to create good, paying jobs and to grow our economy, you should be able to access the capital that you need to get going,” says Whitmer. “When we invest in an entrepreneur and their business makes money and creates jobs, it's the people of Michigan who benefit.”
Whitmer and her administration wish to make innovation among their highest priorities. Over the past year, she hosted Michigan’s first Shark Tank-inspired pitch competition to highlight Michiganders’ promising entrepreneurs and their big ideas.
The governor’s office also appointed its first chief innovation ecosystem officer and instructed state agencies to ensure their equipment and technology are accessible to innovators.
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