Form 4947 - Michigan Schedule Of Certificated Credits

Instructions for Form 4947

Schedule of Certificated Credits

which Renaissance Zone credits are certificated. A certificated

Purpose

Renaissance Zone credit will be identified by the checkbox on

To allow qualified taxpayers that elect to file Michigan

line 2 of Form 4595. Only a credit of that type may be reported

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

here. Enter credit amount from Form 4595, line 25b, for which

their certificated credits and recapture of certain tax credits.

certificated status is properly claimed on Form 4595, line 2.

These amounts will be used in calculating the pro forma

If a taxpayer has activity in more than one certificated

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

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

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

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

element in calculating MBT liability for tax years ending after

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

2011.

status is properly claimed on Form 4595, line 2.

NOTE: Only a limited number of credits and recaptures

listed on this form apply to financial institutions or insurance

DO NOT use the Renaissance Zone credit amount from Form

companies. Credits and recaptures applicable to financial

4573 or Form 4596 to complete this form.

institutions are identified in the instructions of the forms from

Line 3: An Historic Preservation Credit may be classified

which figures on this form originate. A credit or recapture

as refundable or nonrefundable, depending upon an election

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

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

of the following forms:

Historic Preservation Credit that is properly classified as

• Nonrefundable Credits Summary (Form 4568)

nonrefundable. If a refundable historic preservation credit

was claimed as an accelerated credit on the Request for

• Credits for Compensation, Investment, and Research and

Accelerated Payment for the Brownfield Redevelopment

Development (Form 4570)

Credit and the Historic Preservation Credit (Form 4889),

• Miscellaneous Nonrefundable Credits (Form 4573)

that credit amount is not reported on this form. Standard

• Refundable Credits (Form 4574)

taxpayers and financial institutions use the Historic

• Investment Tax Credit Recapture From Sale of Assets

Preservation Credit Net of Recapture amount as reported on

Form 4568, line 22.

Acquired Under Single Business Tax (Form 4585)

• Schedule of Recapture of Certain Business Tax Credits

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

(Form 4587)

refundable or nonrefundable, depending upon an election made

• Renaissance Zone Credit Schedule (Form 4595).

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

Contracts Credit that is properly classified as nonrefundable,

NOTE

for

Insurance

Companies:

Insurance

and reported on Form 4568.

Companies calculate certificated credits separately on the

Line 5: A Brownfield Redevelopment Credit may be

Miscellaneous Credits for Insurance Companies (Form

classified as refundable or nonrefundable, depending upon an

4596) and the Schedule of Corporate Income Tax Liability

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

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

Brownfield Redevelopment Credit that is properly classified as

nonrefundable. If a refundable Brownfield credit was claimed

Line-by-Line Instructions

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

Lines not listed are explained on the form.

not reported on this form. Standard taxpayers and financial

institutions use the Brownfield Redevelopment Credit amount

Name and Account Number: Enter name and account

number as reported on page 1 of the applicable MBT annual

as reported on Form 4568, line 32

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

Line 6: Standard taxpayers and financial institutions use the

taxpayers, MBT Annual Return for Financial Institutions (Form

amount from Form 4568, line 35.

4590), or Insurance Company Annual Return for Michigan

Business and Retaliatory Taxes (Form 4588).

Line 7: A MEGA Plug-In Traction Battery Manufacturing

Credit may be classified as refundable or nonrefundable,

UBGs: Complete one form for the group. Enter designated

depending upon an election made by the taxpayer. Use

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

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

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

Manufacturing

Credit

that

properly

classified

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

nonrefundable, and reported on Form 4568. This credit cannot

form.

be claimed for a tax period ending in 2015 or later.

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 credits

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

Company Payroll Credit that is properly classified as

to be reported on this form. See special instructions on the MBT

Renaissance Zone Credit Schedule (Form 4595) to determine

nonrefundable, and reported on Form 4568.

Form 4947 - Michigan Schedule Of Certificated Credits - 2014 Page 3

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