Form 4947 - Michigan Schedule Of Certificated Credits

Instructions for Form 4947

Schedule of Certificated Credits

determine which Renaissance Zone credits are certificated. A

Purpose

certificated Renaissance Zone credit will be identified by the

To allow qualified taxpayers that elect to file Michigan

checkbox on line 2 of Form 4595. Only a credit of that type

Business Tax (MBT) for tax years ending after 2011 to identify

may be reported here. Enter credit amount from Form 4595,

their certificated credits and recapture of certain tax credits.

line 25b, for which certificated status is properly claimed on

Form 4595, line 2.

These amounts will be used in calculating the pro forma

Corporate Income Tax (CIT) liability on the Schedule of CIT

If a taxpayer has activity in more than one certificated

Liability for a MBT Filer (Form 4946), which is a required

Renaissance Zone, a separate Form 4595 will be filed for each

element in calculating MBT liability for tax years ending after

Zone. In that case, report here the combined total of credits

2011.

claimed on all Forms 4595, line 25b, for which certificated

NOTE: Only a limited number of credits and recaptures

status is properly claimed on Form 4595, line 2.

listed on this form apply to financial institutions or insurance

companies. Credits and recaptures applicable to financial

DO NOT use the Renaissance Zone credit amount from Form

4573 or Form 4596 to complete this form.

institutions are identified in the instructions of the forms from

which figures on this form originate. A credit or recapture

Line 3: An Historic Preservation Credit may be classified

should not be reported on Form 4947 if it is not reported on one

as refundable or nonrefundable, depending upon an election

of the following forms:

made by the taxpayer. Use this line only to report an

Historic Preservation Credit that is properly classified as

• Nonrefundable Credits Summary (Form 4568)

nonrefundable. If a refundable historic preservation credit

• Credits for Compensation, Investment, and Research and

was claimed as an accelerated credit on the Request for

Development (Form 4570)

Accelerated Payment for the Brownfield Redevelopment

• Miscellaneous Nonrefundable Credits (Form 4573)

Credit and the Historic Preservation Credit (Form 4889),

• Refundable Credits (Form 4574)

that credit amount is not reported on this form. Standard

taxpayers and financial institutions use the Historic

• Investment Tax Credit Recapture From Sale of Assets

Acquired Under Single Business Tax (Form 4585)

Preservation Credit Net of Recapture amount as reported on

Form 4568, line 22.

• Schedule of Recapture of Certain Business Tax Credits

(Form 4587)

Line 4: A MEGA Federal Contracts Credit may be classified as

• Renaissance Zone Credit Schedule (Form 4595).

refundable or nonrefundable, depending upon an election made

by the taxpayer. Use this line only to report a MEGA Federal

NOTE

for

Insurance

Companies:

Insurance

Contracts Credit that is properly classified as nonrefundable,

Companies calculate certificated credits separately on the

and reported on Form 4568.

Miscellaneous Credits for Insurance Companies (Form

Line 5: A Brownfield Redevelopment Credit may be

4596) and the Schedule of Corporate Income Tax Liability

classified as refundable or nonrefundable, depending upon an

for a Michigan Business Tax Insurance Filer (Form 4974).

election made by the taxpayer. Use this line only to report a

Brownfield Redevelopment Credit that is properly classified as

Line-by-Line Instructions

nonrefundable. If a refundable Brownfield credit was claimed

Lines not listed are explained on the form.

as an accelerated credit on Form 4889, that credit amount is

Name and Account Number: Enter name and account

not reported on this form. Standard taxpayers and financial

institutions use the Brownfield Redevelopment Credit amount

number as reported on page 1 of the applicable MBT annual

return (either MBT Annual Return (Form 4567) for standard

as reported on Form 4568, line 32

taxpayers, MBT Annual Return for Financial Institutions (Form

Line 6: Standard taxpayers and financial institutions use the

4590), or Insurance Company Annual Return for Michigan

amount from Form 4568, line 35.

Business and Retaliatory Taxes (Form 4588).

Line 7: A MEGA Plug-In Traction Battery Manufacturing

UBGs: Complete one form for the group. Enter designated

Credit may be classified as refundable or nonrefundable,

member’s name and account number. To the extent that credits

are calculated on a pro-forma, member level basis on the 4568,

depending upon an election made by the taxpayer. Use

4595, or 4574, enter the total credit amount for the group on this

this line only to report a MEGA Plug-In Traction Battery

Manufacturing

Credit

that

properly

classified

form.

nonrefundable, and reported on Form 4568.

PART 1: Certificated Nonrefundable Credits

Line 8: An Anchor Company Payroll Credit may be classified

If not taking any credits in Part 1, skip to Part 2.

as refundable or nonrefundable, depending upon an election

Line 2: Not all Renaissance Zone credits are certificated

made by the taxpayer. Use this line only to report an Anchor

Company Payroll Credit that is properly classified as

credits to be reported on this form. See special instructions on

the MBT Renaissance Zone Credit Schedule (Form 4595) to

nonrefundable, and reported on Form 4568.

Form 4947 - Michigan Schedule Of Certificated Credits - 2013 Page 3

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