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2007 C-8022, Page 5

number is found in the lower right corner of each agreement.

Enter on lines 19 through 24 the amounts for the tax year of

The first two numbers represent the county where the property

this claim (the year entered on line 3).

is located. The middle set of numbers is the actual contract

Line 19: Income. Enter the amount from U.S. Corporation

number. The final six numbers are the year of expiration i.e.

Income Tax Return (U.S. 1120), U.S. Income Tax Return for

123107 (December 31, 2007). The contract number retains

an S-corporation (U.S. 1120S) or U.S. Fiduciary Income Tax

its original series throughout the term of the agreement.

Return (U.S. 1041). This amount can be less than zero.

However, a letter may be added to indicate that the agreement

Line 24: Compensation of other shareholders. Enter the

was split into multiple agreements. The final six numbers

sum of compensation from C-8000KC, column K, for each

change when the agreement is reduced or extended. Always

shareholder who is not an officer or active shareholder.

use the contract number on the most recently recorded

agreement, and attach a copy of each 2007 tax statement

PART 4: Credit

(bill) that corresponds to the agreement number listed.

Line 27: Subtract line 26 from line 18.

Column B: For each agreement, check the "Yes" box if

If the taxpayer has entered into more than one

paid tax receipts for 2006 or 2007 are attached. If paid

agreement, complete columns E and F, Part 2.

receipts are not attached, check the "No" box. If neither box

is checked, the Farmland Preservation Credit will be issued

Part 3, Column E: Divide each line amount in column D

by the total of column D and enter the percent in column E.

jointly to the taxpayer and the treasurer for the county where

the property is located.

Part 3, Column F: Multiply line 27 by percent computed in

column E and enter in column F.

Note: 2007 property tax statements (bills) must be attached

regardless of which box is checked in column B.

2007 Supplemental Instructions for Fiscal Filers

Column C: Enter the date each agreement was entered into.

Note: These instructions for fiscal year filers are meant

to supplement the standard instructions, not to replace

Column D: Enter the total amount of tax on land and

them.

structures under agreement from tax statements (bills). Do

not include penalties, interest or special assessments. Collection

A fiscal year SBT taxpayer must file a short year return for

fees may be included. If the taxpayer is a joint owner, enter

the period from the beginning of its 2007-08 fiscal year

only the taxpayer’s share of taxes.

through December 31, 2007. If the standard SBT extension

period is not sufficient to allow a fiscal year taxpayer to

Note: If the property tax statement (bill) includes taxes

gather necessary information for its final SBT return, the

for land not covered by an FDRA, the taxes reported in

Department will grant a special extension appropriate to the

column D must be reduced accordingly. The amount of

circumstances.

taxes that cannot be claimed must be determined by the

local assessor's office and submitted on his or her official

Computing the Final Return for a Period of Less

letterhead. The one percent collection fee may be included.

than 12 Months

Do not include penalties, interest or special assessments.

A fiscal year taxpayer with a tax year ending in 2008 will

Note: If the property tax statement (bill) includes taxes

compute the non-refundable portion by determining the actual

for land on more than one agreement, the taxes reported

income in the final taxable year/short period in accordance

in column D must be separated according to land in each

with the method of accounting used in prior fiscal years,

agreement. The local assessor will be able to determine

which reflects the actual income attributes to the period.

what the breakdown is based on the legal descriptions of

Prorating

the land enrolled under each agreement.

The property taxes must be prorated. Use the following

Line 16: Taxes on Land Enrolled After December 31,

computation to determine the amount of taxes that can be

1977. If qualified under one of the gross receipts formulas

claimed. Number of months of your 2007-2008 fiscal year

(line 9 or 14), enter the taxes from column D on land and

in 2007: _______ divided by 12 = _______ %. Multiply

structures enrolled after December 31, 1977. Otherwise, enter

the property taxes billed in 2007 by that computed percentage.

zero.

Assemble Attachments to Submit

PART 3: Taxes That Cannot Be Claimed for Credit

Attach a schedule showing your computation of the actual

If filing a Single Business Tax Annual Return (Form C-8000),

income.

This schedule or pro-forma must include all

the amounts used in this computation are available on the

adjustments required. Also attach a copy of your actual

return and schedules. If not filing an SBT annual return,

federal income tax return, if available.

complete Schedule of Shareholders and Officers (Form C-

8000KC) and attach it to this claim.

Instructions For C-8022 Farmland Preservation Tax Credit - Michigan Department Of Treasury Page 3

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