Form 4599 - Michigan Business Tax For Financial Institutions Booklet - 2012 Page 2
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42Important Information for 2012
Estimates
Michigan Business Tax (MBT) Instruction
All estimated payments, extension payments, and tax returns
Differences for Calendar, Fiscal Year Filers
must be filed under the UBG’s DM.
This MBT booklet includes forms and instructions designed
If making estimated payments by Electronic Funds Transfer
for the calendar year 2012, and for the portion of the tax year
in 2012 for financial institutions with a federal fiscal year
(EFT), the associated vouchers are not required to be
beginning in 2011 and ending in 2012. All filers should read the
submitted.
instructions carefully.
Amended Returns
NOTE: Per Public Act 39 of 2011, the Corporate Income Tax
To amend a current or prior year annual return, complete the
(CIT) replaces the MBT for most taxpayers effective January
Form 4590 that is applicable for that year, check the box in the
1, 2012. After that date, the MBT continues as the MBT
upper-right corner of the return, and attach a separate sheet
election. Beginning January 1, 2012, only those taxpayers with
explaining the reason for the changes. Include an amended
a certificated credit, which is awarded but not yet fully claimed
federal return or a signed and dated Internal Revenue Service
or utilized, may elect to be MBT taxpayers. If a taxpayer files
(IRS) audit document. Include all schedules filed with the
an MBT return and claims a certificated credit, the taxpayer
original return, even if not amending that schedule. Enter
makes the election to file and pay under the MBT until the
the figures on the amended return as they should be. Do not
certificated credit and any carryforward of that credit are
include a copy of the original return with your amended return.
exhausted. For most certificated credits, a taxpayer must claim
the credit and elect to remain taxable under the MBT with the
Changes for Disregarded Entities
annual return filed for taxpayer’s first tax year ending after
Public Act 305 was enacted into law on December 27, 2011,
December 31, 2011. Once the election is made and the return is
to add Michigan Compiled Law 208.1512 to the MBT. This
submitted, the taxpayer may not amend the return to revoke the
section provides that for tax years ending on January 1, 2012
election.
and after January 1, 2012, a person that is a classified as a
disregarded entity for federal purposes must be classified
A financial institution with a federal fiscal year beginning in
as a disregarded entity for MBT purposes. This means that
2011 and ending in 2012 must file two short-period returns,
a disregarded entity for federal tax purposes, including a
one to report its final 2011 MBT liability, for the period from
single member LLC or Q-Sub, must file as if it were a sole
the beginning of its 2011-12 fiscal year through December 31,
proprietorship if it is owned by an individual, or a branch or
2011, and the second to report either its initial CIT liability,
division if the branch or division is owned by another business
for the period from January 1, 2012, to the ending of its 2011-
12 fiscal year, or, for taxpayers electing to continue MBT to
entity.
claim certificated credits, a 2012 MBT return for the period
Accelerated Credits in 2012
from January 1, 2012, to the ending of its 2011-12 fiscal year.
A taxpayer with a certificated credit under section 435
If a person with a certificated credit is a member of a UBG,
(Historic) or 437 (Brownfield) of the Michigan Business
the Designated Member of the UBG, and not the member, shall
Tax Act (MBTA), which certificated credit or any unused
file a UBG return and pay the tax, if any, under the MBTA and
carryforward may be claimed in a tax year ending after
claim that certificated credit.
December 31, 2011, may elect to pay the tax imposed by the
If a financial institution does not have a certificated credit,
MBTA in the tax year in which that certificated credit may
it cannot make the MBT election and is subject to the CIT.
be claimed in lieu of the CIT. If a person with a certificated
This year the completion of some forms will vary depending
credit under section 435 or 437 that elects to pay the MBT is a
on whether the taxpayer is a fiscal year filer. These fiscal filer
member of a Unitary Business Group (UBG), the Designated
differences are detailed in the “2012 Supplemental Instructions
Member of the UBG, and not the member, shall file a UBG
for Fiscal MBT Filers – Financial Institutions” later in this
return and pay the tax, if any, under the MBTA and claim that
booklet.
certificated credit.
For a tax year beginning after December 31, 2011, if a
Helpful Hints for Completing an MBT Return
certificate of completion, assignment certificate, or component
MBT UBG Combined Filing Schedule for Financial
completion certificate is issued under section 437 to a taxpayer,
Institutions (Form 4752)
or if a certificate of completed rehabilitation, assignment
certificate, or reassignment certificate is issued under section
Members of a UBG will report their data on Form 4752. Once
435 to a taxpayer, beginning on and after January 1, 2012,
all member data is combined and eliminations are calculated,
the taxpayer may elect to claim an accelerated refund for 90
these final figures will carry to Form 4590. All credits claimed
percent of the amount of that certificate.
on Form 4752 must be supported by the applicable forms and
these forms must be included when filing the return.
If section 437 or 435 provides that payment of a credit will be
made over a period of years or limits the annual amount of a
UBG members may have different tax year-ends. The combined
payment, an accelerated refund may only be claimed for the
return must include each member whose tax year ends with or
amount payable in the year claimed.
within the tax year of the Designated Member (DM).
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