Treasury is reviewing the recently enacted tax law changes, including the new Marijuana Wholesale Tax. Developing clear and accurate information for tax stakeholders is our top priority. This guidance will be posted to our website in the coming weeks.
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Marihuana Retailers Excise (MRE) Tax
Homeowner's Principal Residence Exemption
Property Tax Forfeiture and Foreclosure
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An eligible business with fewer than 250 employees is claiming the Research and Development (R&D) Tax Credit and needs to calculate its unadjusted credit for the current expense year.
Standard credit = (3% × $3,000,000) + (15% × ($4,200,000 − $3,000,000))
= $90,000 + (15% × $1,200,000)
= $90,000 + $180,000
= $270,000
Maximum standard credit for small employers: $250,000
Michigan research university credit = 5% × $4,100,000 = $205,000
Maximum Michigan research university credit: $200,000
Unadjusted credit = $250,000 + $200,000 = $450,000