A Tribute to a Giant of Michigan’s Biosciences Community
James (Jim) Herbert, who passed away recently, was a founding father of Michigan’s biotechnology ecosystem. He brought to his work, and to his life, a passion, a vision and a perseverance rooted in his belief that biotechnology was the way of the future. In so doing, Herbert co-founded and built Neogen, a pioneering multi-national food and animal safety products company headquartered in Lansing.
Herbert’s (left) business acumen at Neogen and other corporations he served as a board member was recognized by NASDAQ and USA Today, which named him a Michigan Entrepreneur of the Year. He was a founding awardee of the Michigan Biosciences Pantheon Award in 2018 for this role in helping to develop what is now a flourishing life sciences cluster in Michigan.
The culture that Jim created at Neogen, and its commitment to the Lansing area was widely seen as the gold standard for building a local knowledge-based, STEM economy. His focus on always doing the right thing for people and the business was something truly special. He was a master at creating cultures where great science and people could flourish. Jim was a brilliant businessman and great leader who brought a warmth and deft ability to harness talent and leaders toward a common goal, and Neogen as his business, and the broader statewide life sciences community was the beneficiary.
In short, Jim was a larger-than-life figure across Michigan’s biotechnology field, and was admired, respected and loved by all who were fortunate enough to know him as a colleague and a friend. He is irreplaceable and will be long remembered and sorely missed.
MichBio salutes Jim Herbert and his life.
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State R&D Tax Credit To Be Reestablished
A package of bills that would reestablish a state research & development (R&D) tax credit in Michigan – HBs 4368, 5099, 5100, 5101 and 5102 - passed by the Michigan Senate in bipartisan fashion 22-13 on March 19, 2024.
As proposed, taxpayers and authorized businesses with 250 or more employees could claim up to $2.0 million per taxpayer or business, respectively, per year. Taxpayers and authorized businesses with fewer than 250 employees (i.e., a “small” business) could claim up to $250,000 per taxpayer or business, respectively, per year. Additionally, taxpayers or employers could claim up to $200,000 in an additional credit for expenses from collaboration with a research university. The aggregate amount of R&D credits could not exceed $100.0 million (of which $25 million would be set aside solely for small businesses), and if they did, the Department of Treasury (DoT) would have to prorate the credits as prescribed by the bills. These tax savings are in addition to any federal R&D credit for which Michigan taxpayers are already eligible. READ MORE.
