Form 4908 - Corporate Income Tax Annual Return For Financial Institutions

Tax year means the calendar year, or the fiscal year ending

NOTE: A person that is a disregarded entity for federal tax

purposes, including a single member LLC or Q-Sub, must file

during the calendar year, upon the basis of which the tax base

of a taxpayer is computed. If a return is made for a fractional

as if it were a sole proprietorship if owned by an individual, or

part of a year, tax year means the period for which the return

a branch or division if owned by another business entity.

covers. Generally, a taxpayer’s tax year is for the same period

Line 8a: See the first page of these instructions for information

as is covered by its federal income tax return.

on PA 266 of 2013. Calendar year filers that made this election

Line 2: Enter the taxpayer’s name and Federal Employer

beginning 2013, and fiscal filers that made this election

Identification Number (FEIN) in the appropriate fields. Be sure

beginning with the 2013-14 fiscal year, completed the Michigan

Corporate Income Tax Affiliated Group Election to File as

to use the same account number on all forms. The taxpayer FEIN

from page 1 must be repeated in the proper location on page 2.

a Unitary Business Group (Form 5114) to make the election.

Enter on line 8a here the end date — in an MM-DD-YYYY

For CIT, taxpayer means a corporation, insurance company,

format — of the tax year for which you filed Form 5114.

financial institution, or a UBG liable for tax, interest, or

Taxpayers that first make this election beginning calendar year

penalty.

2014 or later do not use Form 5114. Instead, make the election

NOTE: The taxpayer must register before filing this

on this line of the return filed for the first year of the election,

form. Taxpayers are encouraged to register online at

by entering the end date of that filing period in an MM-DD-

Taxpayers that register

YYYY format. The election lasts 10 years and is irrevocable.

with the State online receive their notification of the

registration within seven days.

In either case, continue to enter that same date on this line of

each successive CIT return throughout the required 10 year life

NOTE: If the taxpayer does not have an FEIN, the

of the election.

taxpayer must obtain an FEIN before filing. The Web site

Line 8b: Check this box if filing a Michigan UBG return and

provides information on

obtaining an FEIN.

include Form 4910.

Returns received without a registered account number will

Lines 9a through 9c: A taxpayer may apportion on lines

not be processed until such time as a number is provided.

9a through 9c only if its business activities are subject to tax

both within and outside of Michigan. A financial institution is

Enter the two-digit abbreviation for the country code. See the

subject to tax in another state, as that term is used here, only if:

list of country codes in Form 4907.

• It is subject to a Business Privilege Tax, a Net Income Tax, a

Any refund or correspondence from this return will be sent

Franchise Tax measured by net income, a Franchise Tax for the

to the address used here. The taxpayer’s primary address in

privilege of doing business, or a corporate stock tax or a tax of

Treasury files, identified as the legal address and used for all

the type imposed under the CIT Act in that other state; OR

purposes other than refund and correspondence on a specific

• That other state has jurisdiction to subject the financial

CIT return, will not change unless the taxpayer files a Notice of

institution to one or more of the taxes listed above regardless

Change or Discontinuance (Form 163).

of whether that state does or does not subject the financial

UBGs: In the Taxpayer Name field, enter the name of the DM

institution to such a tax.

for the financial institutions. Enter the FEIN for the DM of the

financial group.

Gross Business means the sum of the following less transactions

between those entities included in a UBG:

Line 3: Enter a brief description of the principal types of

i. Fees, commissions, or other compensation for financial

financial services in which the taxpayer is engaged.

services.

Line 4: Enter the entity’s six-digit North American Industry

ii. Net gains, not less than zero, from the sale of loans and

Classification System (NAICS) code. For a complete list of

other intangibles.

six-digit NAICS codes, see the U.S. Census Bureau Web site

iii. Net gains, not less than zero, from trading in stocks, bonds,

at , or enter the same NAICS

code used when filing the entity’s U.S. Form 1120, Schedule K,

or other securities.

U.S. Form 1120S, or U.S. Form 1065.

iv. Interest charged to customers for carrying debit balances of

margin accounts.

UBGs: Enter here the NAICS for the principal activity of the

group. If no principal activity is available, enter the NAICS

v. Interest and dividends received.

code used then filing the DM’s U.S. Form 1120, Schedule K;

vi. Any other gross proceeds resulting from the operation as a

U.S. Form 1120S; or U.S. Form 1065.

financial institution.

Line 5: Enter the start date of first business activity in Michigan.

Gross Business is in Michigan to the extent:

• Receipts from credit card receivables including interest and

Line 6: Enter the date, if applicable, on which the taxpayer

went out of business.

fees or penalties in the nature of interest from credit card

Line 7: Check the box that describes the DM’s organization

receivables and receipts from fees charged to credit card

holders such as annual fees are in Michigan if the billing

type. A Trust or a Limited Liability Company (LLC) should

address of the credit card holder is located in Michigan.

check the appropriate box based on its federal return.

Form 4908 - Corporate Income Tax Annual Return For Financial Institutions - 2014 Page 4

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