Form 4599 - Michigan Business Tax For Financial Institutions Booklet - 2012 Page 3
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42However, a taxpayer claiming the Special Consideration
The flow-through entities will be required to file four quarterly
Historic Preservation Credit under section 435(20) may elect to
returns and an annual return.
claim an accelerated refund for the balance of the credit, but
There will be no extensions granted to flow-through entities
the amount of that refund shall be equal to 86 percent of the
for their FTW Quarterly Return (Form 4917). However, fiscal
amount of the credit.
year taxpayers will be granted an automatic extension until
For more details, see the 2012 Request for Reduced Refundable
February 28, 2013, for their flow-through withholding annual
Credit Payout for the Brownfield Redevelopment Credit and
reconciliation return for the 2012 portion of their 2011-12
Historic Preservation Credit (Form 4889). Michigan Tax Forms
federal tax year.
are online at An accelerated credit
refund will be paid within 60 days after Form 4889 is filed.
Brief Overview of the CIT
The CIT takes effect January 1, 2012, and replaces the MBT,
except for certain businesses that wish to claim certificated
credits. Among the highlights of the CIT:
• The CIT applies
to all financial institutions unless the
financial institution is able to and does make the MBT election.
• Flow-through entities may be subject to Flow-Through
Withholding.
• For the 2012 tax year, fiscal year taxpayers will be granted
an automatic extension to file the annual return to April 30,
2013, regardless of whether they are filing a CIT return or an
MBT election return. However, an extension of time to file
is not an extension of time to pay. An extension request form
need not be filed unless required to transmit payment of any
tax that would be due with the annual return. 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 fiscal year.
• Taxpayers will be required to file quarterly estimated
returns as well as an annual return.
• Annual payments will still be due on the prescribed due date
of the annual return.
• The CIT is equal to 0.29% of net capital for financial
institutions.
• There are no credits available for financial institutions under
the CIT.
• An entity that has received, has been approved to receive,
or has been assigned certain certificated tax credits under
MBT may elect to continue to file and pay under the MBT in
lieu of the CIT. This election must be made with the annual
return filed for first tax period beginning after 2011 for most
certificated credits. The election is also made if a taxpayer files
a Form 4889, Claim for Accelerated Credit.
• Estimated payments will still be due on the prescribed due
dates for quarterly estimated returns.
For more information on the CIT, go online to
gov/taxes.
Overview of Flow-Through Withholding
Flow-through entities with non-resident individual owners
must withhold tax on the distributive share of each non-resident
individual owner. Beginning in 2012, flow-through entities
with more than $200,000 of business income reasonably
expected to accrue, after allocation or apportionment, will be
required to withhold a tax on the distributive share of each
owner that is a C Corporation or flow-through entity.
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