Form 4571 - Michigan Business Tax Common Credits For Small Businesses

Form 4571 - Michigan Business Tax Common Credits For Small Businesses - 2014 Page 2

4571, Page 2

FEIN or TR Number

PART 2: GROSS RECEIPTS FILING THRESHOLD CREDIT

Complete this section if apportioned gross receipts are equal to or greater than $350,000 but less than $700,000.

See instructions for tax years less than 12 months.

21. Tax before credit from line 1, 14 or 20, whichever applies ....................................................................................

21.

22. Threshold Ceiling ..................................................................................................................................................

700,000

22.

23. Gross Receipts from Form 4567, line 12 (see instructions) ..................................................................................

23.

24. Apportioned Gross Receipts. Multiply line 23 by percentage from Form 4567, line 11c .......................................

24.

25. Excess Gross Receipts. Subtract line 24 from line 22. If negative, enter zero on line 27 (no credit allowed) ......

25.

26. Gross Receipts Filing Threshold Credit Percentage. Divide line 25 by $350,000, and enter as a percentage .....

26.

27. Gross Receipts Filing Threshold Credit. Multiply line 26 by line 21. Carry amount to Form 4568, line 8 ........

27.

28. Tax After Gross Receipts Filing Threshold Credit. Subtract line 27 from line 21. (This line must be equal to

Form 4568, line 9.) ................................................................................................................................................

28.

REDUCED CREDIT TABLE

If allocated* income is:

The reduced credit is:

$0 - $160,000 ........................ 100% of the Small Business Alternative Credit

$160,001 - $164,999 ........... 80% of the Small Business Alternative Credit

$165,000 - $169,999 ........... 60% of the Small Business Alternative Credit

$170,000 - $174,999 ........... 40% of the Small Business Alternative Credit

$175,000 - $180,000 ........... 20% of the Small Business Alternative Credit

* See instructions for tax years less than 12 months.

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