Form 4584 - Michigan Business Tax Election Of Refund Or Carryforward Of Credits, And Calculation Of Historic Preservation And Brownfield Redevelopment Carryforward - 2013 Page 8
ADVERTISEMENT
1
2
3
4
5
6
7
8
9location of personal property used to calculate this credit will
traction battery pack. For tax years beginning after December
result in an addition to the tax liability of the qualified taxpayer
31, 2011, and ending before January 1, 2015, the credit per unit
is decreased to $375 for an equivalent of 4 kilowatt hours of
that was originally awarded the credit in the year in which
battery capacity plus $93.75 for each kilowatt hour of battery
the disposal or transfer occurs. This is true even if the credit
capacity in excess of 4 kilowatt hours of battery capacity not to
was assigned to someone else. This additional liability will
be calculated by multiplying the same percentage as is used
exceed $1,500 for each plug-in traction battery pack.
to calculate the credit (e.g., 10 percent) times the federal basis
A taxpayer shall not claim a credit under this section for more
of the property used to calculate gain or loss [as calculated for
than 3 years.
federal purposes] as of the date of the disposition or transfer.
The amount otherwise added to the tax liability may also be
If the credit exceeds the tax liability of the taxpayer for the
used to reduce any carryforward of credits available to the
tax year, the taxpayer may elect to have the excess refunded or
carried forward to offset tax liability in subsequent tax years
taxpayer.
for 10 years or until used up, whichever occurs first. Amounts
UBGs: If any member of the UBG is reporting recapture,
carried forward shall not affect the maximum amount of credits
a statement must be attached to this form identifying the
that may be claimed in subsequent years.
reporting member.
For more information, contact MEDC at (517) 373-9808 or visit
Line 40: Enter only the unused credit from a previous period
the MEDC Web site at
MBT return. Available SBT credit carryforward is claimed
separately on Form 4569.
Line 57: UBGs: Enter the unused credit amount from Form
4580, Part 2B, line 57, column C.
UBGs: Enter the unused credit amount from Form 4580, Part
2B, line 54, column C.
Line 60: Approved businesses receive a certificate from
MEGA each year showing the total amount of tax credit
Line 43: If the Brownfield Redevelopment Credit has been
allowed. Attach the certificate to the return. (If the certificate
assigned, attach the MBT Brownfield Redevelopment Credit
is not attached, the credit will be disallowed.)
Assignment Certificate to the return. (If the certificate is not
attached, the credit will be disallowed.)
Line 63: Add lines 59 and 62b. This is the MEGA Plug-In
Traction Battery Manufacturing Credit carryforward to be used
Line 46: For the credit to be valid, attach the Certificate
on the taxpayer’s next MBT return.
of Completion, issued after the completion of the approval
process, to the return. (If the certificate is not attached, the
Anchor Company Payroll Credit
credit will be disallowed.)
The Anchor Company Payroll Credit is available for a qualified
Line 54: Add lines 51 and 53b. This amount is the Brownfield
taxpayer that was designated by MEGA as an anchor company
Redevelopment credit carryforward to be used on the
within the last five years and that has influenced a new
taxpayer’s next MBT return.
qualified supplier or customer to open, locate, or expand in
MEGA Plug-In Traction Battery Manufacturing
Michigan. Beginning January 1, 2012, this credit is available as
a certificated credit to the extent that the taxpayer has entered
Credit
into an agreement with MEGA by December 31, 2011, but
The MEGA Plug-In Traction Battery Manufacturing Credit
the credit has not been fully claimed or paid prior to January
encourages investment in the development, manufacture,
1, 2012.
This credit must be claimed beginning with the
commercialization, and affordability of advanced automotive
taxpayer’s first tax year ending after December 31, 2011, in
high-power energy batteries. The credit is available only to a
order for the taxpayer to remain taxable under the MBT and
taxpayer that has entered into an agreement with MEGA that
claim the credit.
provides that the taxpayer will manufacture plug-in traction
A qualified taxpayer may take a credit up to 100 percent of its
battery packs in Michigan. The taxpayer must attach the
MEGA certificate to the MBT annual return on which the
supplier’s or customer’s payroll for employees who perform
qualified new jobs multiplied by the Michigan Individual
credit is claimed.
Income Tax rate. This credit may be taken for a period of up to
Beginning January 1, 2012, this credit is available as a
five years, as determined by MEGA. Any amount that exceeds
certificated credit to the extent that the taxpayer has entered
the taxpayer’s tax liability may be refunded or carried forward
into an agreement with MEGA by December 31, 2011, but
for ten years or until it is used up, whichever occurs first. To be
the credit has not been fully claimed or paid prior to January
eligible for the credit, a taxpayer must be certified by MEGA.
1, 2012.
This credit must be claimed beginning with the
MEGA also may provide that qualified sales to a qualified
taxpayer’s first tax year ending after December 31, 2011, in
customer not be considered in calculating the sales factor for
order for the taxpayer to remain taxable under the MBT and
the tax year for which a credit is provided.
claim the credit.
The statute provides for reduction, termination, or recapture of
For tax years beginning after December 31, 2010 and ending
the credit if the taxpayer fails to comply with its agreement or
before January 1, 2012, the credit allowed is $500 for an
the statute. Credit recapture is calculated on Form 4587.
equivalent of 4 kilowatt hours of battery capacity plus $125 for
each kilowatt hour of battery capacity in excess of 4 kilowatt
For more information, contact MEDC at (517) 373-9808 or visit
the MEDC Web site at
hours of battery capacity not to exceed $2,000 for each plug-in
136
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form 4584 - Michigan Business Tax Election Of Refund Or Carryforward Of Credits, And Calculation Of Historic Preservation And Brownfield Redevelopment Carryforward - 2014
Financial
Form 4584 - Michigan Business Tax Election Of Refund Or Carryforward Of Credits, And Calculation Of Historic Preservation And Brownfield Redevelopment Carryforward - 2012
Financial
Form 4587 - Michigan Business Tax Schedule Of Recapture Of Certain Business Tax Credits And Deductions - 2013
Financial
Form 4587 - Michigan Business Tax Schedule Of Recapture Of Certain Business Tax Credits And Deductions - 2014
Financial
Form 4587 - Michigan Business Tax Schedule Of Recapture Of Certain Business Tax Credits And Deductions - 2012
Financial
Related Categories
Parent category: Financial