Capitol News

State Representative Nancy Jenkins-Arno, a Republican from Rollin Township, announced the progress of her proposed legislation aimed at encouraging investment in Michigan-based businesses. House Bill 4816 would allow individuals who invest in certified Michigan-headquartered companies to claim an income tax credit equal to 50% of their investment. The credit is capped at $3,000 per investor for each business and also limited to $3,000 per investor per tax year.

“Michigan’s small and growing businesses are the backbone of our economy,” Jenkins-Arno said. “These are the businesses that create jobs, innovate, and stay rooted in our communities. This bill gives Michiganders a real opportunity to invest in their state and local companies and be rewarded for it. Supporting homegrown businesses means strengthening our communities and growing Michigan from the inside out.”

Jenkins-Arno collaborated on this bill with Chris Miller, CEO of the National Coalition for Community Capital and a resident of Adrian, Michigan. Miller contributed ideas and guidance during the development of the legislation.

“Chris Miller brought the idea of how ordinary citizens can invest in Michigan’s future,” Jenkins-Arno said. “His work with community-based investment and local entrepreneurship helped us craft a plan that gives real opportunity to local investors and businesses.”

The House Finance Committee has voted to send HB 4816 forward to the House Rules Committee for further review with bipartisan support.