LANSING The Small Business Association of Michigan urged Gov. Granholm to sign SB 1116, a bill to let small businesses deduct the value of Small Business Innovation Research and Small Business Technology Transfer grants from the Single Business Tax base.
Our small business economy remains stuck in neutral and badly needs a tax-cutting jump start,” said SBAM Vice President Government Relations Barry Cargill. “The economic future of our state depends on further nurturing the employment-creating energies of small business owners, so we’re especially pleased to legislation that’s crafted to support a vibrant, small business-friendly, job-creating entrepreneurial economic climate.”
Cargill says that taxing Small Business Innovation Research and Small Business Technology Transfer grants serves as a barrier to innovation because it is a disincentive to Michigan cutting edge businesses to pursue these grants as a means to fund new product development.
“These grants provide funding to remove the technical risk on a new product, leading to third-party investments and commercialization – the ultimate return on investment to the Michigan taxpayers for their investment in the advancement of science and technology through these grants.
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