Michigan Corporate Income Tax Annual Return For Financial Institutions - 2012 Page 29
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30Recapture of credits, must be earned and calculated based on
actions performed on or after January 1, 2012, regardless of the
method selected for the tax calculation.
Application for Extension of Time to File Michigan
Tax Returns (Form 4)
A fiscal year CIT taxpayer must file a short-year return
accounting for activity from January 1, 2012 to the end of its
2011-12 federal tax year. The filing deadline for this initial
CIT short-year return has been automatically extended to the
same date as the 2012 calendar year returns, which is April 30,
2013. Despite the automatic extension granted by Treasury
for the 2012 short period, any payment that typically would
be paid with an extension request must be remitted with a
completed Form 4 to avoid extension penalty and interest. If no
additional tax is owed, the filing of the form is not necessary.
An extension of time to file is not an extension of time to pay.
For taxpayers with a fiscal year ending after April 30, 2012,
this automatic extension to April 30, 2013, will not reach as far
as a conventional extension requested by Form 4. A taxpayer in
this category that desires an extension beyond April 30, 2013,
must file Form 4 for its 2012 short period.
Line 1: Fiscal Year Filers requesting an extension for the
portion of their CIT activity for the short-year ending in 2012
must check the “Corporate Income Tax” box. Checking this
box DOES NOT commit the taxpayer with certificated credits
under MBT to file a CIT return; that commitment is made
when the taxpayer files the tax return for that short-period.
Regardless of whether an MBT or CIT return is ultimately
filed, if the tax due is underestimated and sufficient payment is
not paid with the application for extension, penalty and interest
will be due on the unpaid or underpaid amount. See the Form 4
instructions for additional information on Penalty and Interest.
The initial CIT short period ending in 2012 will be granted an
automatic extension to the same date as the 2012 calendar year
returns, which is April 30, 2013. However, an extension of
time to file is not an extension of time to pay. An extension
request form need not be filed for the 2012 short period unless
required to transmit payment of any tax that would be due with
the annual return for that short period. The annual return tax
due must be paid by the original due date, which is the last day
of the fourth month after the end of the filing period.
Financial institutions are subject to the CIT regardless of
whether they are taxed as a C Corporation or an S Corporation.
If the financial institution is an S Corporation, it may be subject
to Flow-Through Withholding as provided in Part 3 of the
Income Tax Act of 1967. See the Flow-Through Withholding
Quarterly Return (Form 4917) for guidance. Michigan tax
forms are available online at
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