Form 4573 - Michigan Business Tax Miscellaneous Nonrefundable Credits

Instructions for Form 4573

Michigan Business Tax (MBT) Miscellaneous Nonrefundable Credits

To the extent that a qualified taxpayer earning the

Purpose

Brownfield Redevelopment Credit or Historic Preservation

To allow standard taxpayers to claim certain miscellaneous

Credit is included within a UBG taxpayer for relevant tax

nonrefundable

credits.

Generally,

credits

and

any

years, the qualified taxpayer’s unused pre-2008 Brownfield

Redevelopment Credit and/or Historic Preservation Credit

carryforwards allowed are calculated here and then carried

to the MBT Nonrefundable Credits Summary (Form 4568).

(that is, such credits earned under the Single Business Tax

Review the descriptions carefully before claiming a credit as

(SBT)) may be applied against the tax liability imposed on

there are strict eligibility requirements. Follow the instructions

the entire UBG taxpayer (of which the qualified taxpayer is

on the form for each credit.

a member) for the tax years the carryforward would have

NOTE: This form may also be used by financial institutions to

been available under SBT. These carryforwards are claimed

on the MBT Single Business Tax Credit Carryforwards

claim a limited number of credits:

(Form 4569).

• Renaissance Zone Credit

Find additional information on calculating credit carryforwards

• Historic Preservation Credit

in the “Supplemental Instructions for Standard Members

• Individual or Family Development Account Credit

in UBGs” section in the MBT Forms and Instructions for

• Brownfield Redevelopment Credit

Standard Taxpayers (Form 4600).

• Assigned Film Infrastructure Credit.

Line-by-Line Instructions

Insurance companies use the Miscellaneous Credits for

Insurance Companies (Form 4596) to claim credits for which

Lines not listed are explained on the form.

they are eligible.

Name and Account Number: Enter name and account number

NOTE: Beginning January 1, 2012, only those taxpayers with

as reported on page 1 of the applicable MBT annual return

a certificated credit, which is awarded but not yet fully claimed

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

or utilized, may elect to be MBT taxpayers.

taxpayers or the MBT Annual Return for Financial Institutions

Fiscal Year Filers: All credits must be calculated using

(Form 4590)).

actual numbers from the period included on this return. For

UBGs: Complete one form for the group. Enter the DM’s name

more information, see “Supplemental Instructions for Standard

and account number.

Fiscal MBT Filers” in the MBT Forms and Instructions for

Standard Taxpayers (Form 4600).

PART 1

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

Special Instructions for Unitary Business

NASCAR Speedway Credit

Groups

For tax years that end before January 1, 2017, an eligible taxpayer

Credits are earned and calculated on either an entity-specific or

may claim a credit against the tax imposed by the MBT Act

group basis, as determined by the relevant statutory provisions

equal to the amount of capital expenditures in this State on

for the respective credits. Intercompany transactions are not

infield renovation, grandstand and infrastructure upgrades, and

eliminated for the calculation of most credits. Credits earned or

any other construction and upgrades subject to the following:

calculated on either an entity-specific or group basis by Unitary

Business Group (UBG) members are generally applied against

• The credit is limited to the lesser of the taxpayer’s tax

the tax liability of the UBG, unless otherwise specified by

liability or $1,580,000.

statute or these instructions.

NOTE: Beginning January 1, 2012, this credit is available as

Entity-specific provisions are applied on a member-by-member

a certificated credit to the extent that the taxpayer has met the

capital expenditure requirements by December 31, 2011, but

basis and are addressed in the “Line-by-Line Instructions.”

In none of these cases does a taxpayer that is a UBG take the

the credit has not been fully claimed or paid prior to January

organization type of its parent, Designated Member (DM), or

1, 2012. This credit must be claimed beginning with the

taxpayer’s first tax year ending after December 31, 2011, in

any other member of the UBG. A UBG taxpayer will not be

attributed an organization type based on the composition of its

order for the taxpayer to remain taxable under the MBT and

members.

claim the credit.

UBGs: If the eligible taxpayer is a member of a UBG, this

If any member of the UBG is eligible for an entity-specific

credit, a statement must be attached to the form identifying the

credit is calculated against the eligible member’s capital

eligible member and any information requested for the credit.

expenditures. This credit amount is limited to the lesser of the

If more than one member is eligible, requested information

applicable dollar amount specified above or the pro forma tax

should be provided in the statement on a per member basis. The

liability calculated for the eligible taxpayer for that tax year.

total amount from all eligible members should be entered on

The resulting credit amount is then applied toward the UBG’s

each corresponding line on the form.

tax liability for that tax year.

Form 4573 - Michigan Business Tax Miscellaneous Nonrefundable Credits - 2013 Page 5

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