Michigan’s local investment tax credit gains traction

There’s no better way to celebrate our one-year anniversary with the most important piece of news since the legalization of investment crowdfunding in 2012: lawmakers in the Michigan State Legislature reached an agreement for passing the nation’s first tax credit for local investors! Based on a similar law in New Brunswick, Canada, the Michigan law would provide local investors with a 50% state tax credit on local investments (up to $3,000). Unlike the much over-hyped federal Opportunity Zone credit, this law will reward any resident – not just wealthy real-estate investors – who invest in any qualifying local business. The passage of laws like this around the country could be a huge boon to local investment and have a phenomenal impact on community economic development.