Form 4599 - Michigan Business Tax For Financial Institutions Booklet - 2012 Page 39
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422012 Supplemental Instructions
for Fiscal Michigan Business Tax (MBT) Filers — Financial Institutions
NOTE: These instructions for fiscal year financial institution
Additional Instructions for Specific Forms
MBT filers are meant to supplement the general instructions,
Forms not addressed here need no supplemental instructions.
not to replace them.
MBT Annual Return for Financial Institutions
Beginning January 1, 2012, only those taxpayers with a
(Form 4590)
certificated credit, which is awarded but not yet fully claimed
Fiscal year financial institutions are required to use the annual
or utilized, may elect to be MBT taxpayers. If a taxpayer files
method for their initial MBT return under the MBT election.
an MBT return and claims a certificated credit, the taxpayer
makes the election to file and pay under the MBT until the
Under the annual method, the initial (short period) MBT return
certificated credit and any carryforward of that credit are
will report data from January 1, 2012, on Form 4590, lines 11
exhausted.
through 14, 17a, and 17b, prorated by a fraction. The numerator
of the fraction will be the number of months in the 2011-
For most certificated credits, a taxpayer must claim the credit
12 fiscal year that are in 2012. The denominator will be the
and elect to remain taxable under the MBT with the annual
number of months in the 2011-12 fiscal year (typically 12). The
return filed for taxpayer’s first tax year ending after December
number of months used for the numerator should correspond to
31, 2011. This will be the short period return beginning January
the number of months reported for the tax year on line 1.
1, 2012, for most fiscal year filers.
Line 1: Enter January 1, 2012, as the beginning date and
A financial institution that is a fiscal filer will use the tax forms
enter the ending date that corresponds to the taxable period as
for the 2012 tax year to complete two tax returns. A financial
reported to the Internal Revenue Service (IRS). Enter all dates
institution taxpayer with a federal fiscal year beginning in 2011
and ending in 2012 should have already filed a short-period
in MM-DD-YYYY format.
MBT return to report its final 2011 MBT liability for the period
Unitary Business Groups (UBGs): Regardless of whether
from the beginning of its 2011-12 fiscal year through December
the Designated Member (DM) is a fiscal year filer or calendar
31, 2011, using the 2011 tax year forms. Use the 2012 tax year
year filer, all fiscal year financial institutions must use the
forms to complete a short-period MBT return for the period
annual method to compute their initial MBT tax liability
from January 1, 2012, to the end of its 2011-12 fiscal year. The
under the MBT election. See the MBT Unitary Business Group
taxpayer will then utilize the 2012 tax year forms for its 2012-
Combined Filing Schedule for Financial Institutions (Form
2013 fiscal year.
4752) instructions for more details.
The following instructions pertain only to the fiscal filer’s
PART 1
initial 2012 MBT short-period return beginning January 1,
2012.
The following tax base calculation involves a five year average
of net capital. Enter data from the current year and four most
Computing the Initial 2012 Return for a Period of
recent MBT tax years to complete the five year table.
Less Than 12 Months
For purposes of this table, treat a partial year as a full year. If
All standard practices pertaining to the qualification and
the current and four preceding tax periods include any short
calculation of credits and adjustments on filings for a period
periods, the years printed in column headings for this part will
less than 12 months, as detailed in the General Information
not apply accurately.
section of the MBT Forms and Instructions for Financial
Institutions (Form 4599), will apply.
MBT Credits for Compensation, Investment and
Research and Development (Form 4570)
Due Date
All credits against the tax must be calculated based on actual
Fiscal year taxpayers will file a short-period return beginning
payments made or actions taken in the period reported.
January 1, 2012, to the end of their federal tax year. They will
be granted an automatic extension to the same date as the
Line 2: Enter the actual compensation paid in 2012 during the
2012 calendar year returns, which is April 30, 2013. However,
initial MBT short period beginning January 1, 2012.
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
MBT Miscellaneous Nonrefundable Credits
transmit payment of any tax that would be due with the annual
(Form 4573)
return. The annual return tax due must be paid by the original
All credits against the tax must be calculated based on actual
due date, which is the last day of the fourth month after the end
payments made or actions taken in the period reported.
of the filing period.
To be eligible for the Next Energy Business Activity Credit
If an additional extension is required beyond April 30, 2013,
Start-Up Business Credit, and Film Job Training Credit the
taxpayers may file an extension request form, Form 4. See
appropriate certificate must be received on or before December
below for more detail.
31, 2011.
39
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