Form 4904 To 4905 - Michigan Corporate Income Tax For Insurance Companies - 2014 Page 3
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14Important Information for 2014 — Corporate Income Tax, Insurance Companies
Corporate Income Tax (CIT) Overview
Accelerated Credits in 2014
A taxpayer with a certificated credit under section 435
The CIT took effect January 1, 2012, and replaces the Michigan
(Historic) or 437 (Brownfield) of the Michigan Business Tax
Business Tax (MBT), except for certain businesses that wish to
retain certain certificated credits.
Act (MBTA), in which a certificated credit or any unused
carryforward may be claimed in a tax year ending after
NOTE: Per Public Act 38 of 2011, the Corporate Income Tax
December 31, 2011, may elect to pay the tax imposed by the
(CIT) replaces the MBT for most taxpayers effective January
MBTA in the tax year in which that certificated credit may
1, 2012. After that the MBT continues for those that made the
be claimed in lieu of the CIT. If a person with a certificated
election to continue to file MBT. This election is irrevocable.
credit under section 435 or 437 elects to pay the MBT and is a
See the MBT booklet for more details. For information on the
member of a Unitary Business Group (UBG), the Designated
MBT election, see the 2012 MBT Forms and Instructions for
Member of the UBG, and not the member, shall file a UBG
Standard Taxpayers (Form 4600), MBT Forms and Instructions
return and pay the tax, if any, under the MBTA and claim that
for Insurance Companies (Form 4592), or MBT Forms and
certificated credit.
Instructions for Financial Institutions (Form 4599).
For a tax year beginning after December 31, 2011, if a
Estimates
certificate of completion, assignment certificate, or component
completion certificate is issued under section 437 to a taxpayer,
If making estimated payments by Electronic Funds Transfer
or if a certificate of completed rehabilitation, assignment
(EFT), the associated vouchers are not required to be
certificate, or reassignment certificate is issued under section
submitted.
435 to a taxpayer, beginning on and after January 1, 2012,
Amended Returns
the taxpayer may elect to claim an accelerated refund for 90
percent of the amount of that certificate.
To amend a current or prior year annual return, complete the
Insurance Company Amended Return for Corporate Income
If section 437 or 435 provides that payment of a credit will be
and Retaliatory Taxes (Form 4906) that is applicable for
made over a period of years or limits the annual amount of a
that year, explaining the reason for the changes. Include an
payment, an accelerated refund may only be claimed for the
amended federal return or a signed and dated Internal Revenue
amount payable in the year claimed.
Service (IRS) audit document. Include all schedules filed with
the original return, even if not amending that schedule. Enter
However, a taxpayer claiming the Special Consideration
the figures on the amended return as they should be. Do not
Historic Preservation Credit under section 435(20) may elect to
include a copy of the original return with your amended return.
claim an accelerated refund for the balance of the credit, but
the amount of that refund shall be equal to 86 percent of the
amount of the credit.
For more details, see the 2014 Request for Reduced Refundable
Credit Payout for the Brownfield Redevelopment Credit and
Historic Preservation Credit (Form 4889). Michigan Tax
Forms are online at An accelerated
credit refund will be paid within 60 days after Form 4889 is
filed.
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