Form 4573 - Michigan Business Tax Miscellaneous Nonrefundable Credits - 2012 Page 10
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12redevelopment credit may be claimed as a certificated credit if
Line 61: If the taxpayer engages in both private equity fund
a taxpayer has a preapproval letter by December 31, 2011, but
activities as well as other activities, the amount on line 70
has not fully claimed the credit by January 1, 2012. The credit
cannot be used. Instead, the taxpayer must do a pro forma
may be claimed as either a refundable accelerated credit (on
calculation of the tax before this credit based solely on the
Form 4889) or a non-refundable credit. Non-refundable credits
private equity fund activities.
and non-refundable carryforwards of the credit are claimed
UBGs: To the extent that a private equity fund is part of
here. The credit must first be claimed in the year in which the
a UBG, the Private Equity Fund Credit is equal to the tax
certificate of completion is issued.
liability of the eligible member prior to this credit, multiplied
A taxpayer claiming a nonrefundable certificated brownfield
by a fraction which is the Michigan activities of the manager
credit may make the election in the year in which a credit is
over the activities of the manager everywhere. A pro forma
available and will remain taxable under the MBT until the
calculation must be performed to determine the tax liability of
the eligible UBG member prior to this credit. See guidance on
qualifying credit and any carryforward of the credit are
pro forma calculations in the UBG note under line 2.
extinguished.
Line 56: Complete Form 4584 to claim this credit and elect a
Film Job Training Credit
carryforward of any excess credit.
An eligible production company may claim a credit of up to
50 percent of qualified job training expenditures in film and
Note: Neither an assigned credit nor a credit carried forward
digital media for qualified personnel, provided the taxpayer
from a prior year is eligible to be refunded.
enters into an agreement with the Michigan Film Office,
The administration of the Brownfield Redevelopment Credit
concurred in by the State Treasurer. If the credit exceeds the
program is assigned to MEGA. For more information on the
taxpayer’s tax liability for the tax year, the excess may be
approval process, contact the MEDC at (517) 373-9808.
carried forward to offset tax liability in subsequent years for a
maximum of ten years.
Private Equity Fund Credit
Line 63: Upon verification that the taxpayer has complied
An eligible taxpayer may claim a Private Equity Fund Credit
equal to the eligible taxpayer’s tax liability attributable to the
with the agreement terms and the qualified job training
expenditures and eligibility are met, the Film Office will issue
activities as an eligible taxpayer for the tax year after claiming
a Qualified Job Training Expenditure Certificate verifying the
any other credits allowed under the MBT Act multiplied by
amount of the credit to be claimed. The certificate must be
a fraction, the numerator of which is the total activity of the
attached to the return to receive the credit.
private equity fund manager conducted in Michigan during the
tax year and the denominator of which is the total activity of
Note: To qualify for the credit, a taxpayer must not be
the private equity fund manager conducted everywhere during
delinquent in a tax or other obligation owed to Michigan nor be
the tax year.
owned or under common control of an entity that is delinquent.
Eligible taxpayer means a taxpayer that is a private equity
A credit cannot be claimed for any direct expenditure for which
a Film Production Credit was claimed for either an MBT or
fund which serves as a conduit for the investment of private
securities not listed on a public exchange by accredited
withholding tax liability.
investors or qualified purchasers at any time during which the
Line 64: UBGs: Enter the unused credit amount from Form
investment is acquired or subsequently used to claim the credit
4580, Part 2B, line 55, column C.
under this section.
Line 68: If line 65 is greater than line 62, enter the difference.
Accredited investor means that term as defined under Section 2
This is a credit carryforward to be used on the taxpayer’s next
of the Securities Act of 1933, 15 USC 77b.
MBT return.
Qualified purchaser means that term as defined under
For
more
information,
contact
the
Michigan
Film
Section 2 of the Investment Company Act of 1940, 15 United
Office
at
1-800-477-3456
or
visit
the
Web
site
at
States Code (USC) 80a-2.
Line 58: Private equity fund manager means the person or
Film Infrastructure Credit
persons responsible for the management of the investments of
An eligible taxpayer may claim a credit for investment in
the eligible taxpayer.
a qualified film and digital media infrastructure project of
For purposes of this credit, the location of the activity of the
up to 25 percent of the base investment expenditures for the
private equity fund manager is based on the location of the
project, provided the taxpayer enters into an agreement with
office from which the fund manager conducts management
the Michigan Film Office, concurred in by the State Treasurer.
The credit is reduced by the amount of any Brownfield
activity for the eligible taxpayer.
Redevelopment Credit claimed under Section 437 of the
UBGs: If the eligible taxpayer is a member of a UBG, enter only
MBT Act for the same base investment. If the credit exceeds
the activity of the eligible fund manager conducted in Michigan.
the taxpayer’s tax liability for the tax year, the excess may be
Line 59: If the eligible taxpayer is a member of a UBG,
carried forward to offset tax liability in subsequent years for a
maximum of ten years.
enter only the activity of the eligible fund manager conducted
everywhere.
Upon verification that the taxpayer has complied with the
82
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