Form 4599 - Michigan Business Tax For Financial Institutions Booklet - 2012 Page 4
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422012 General Information for Financial Institutions
Standard Taxpayers and Insurance Companies: See the Michigan Business Tax (MBT) Instruction Booklet for Standard Taxpayers
(Form 4600) or the MBT Instruction Booklet for Insurance Companies (Form 4592) at
Fiscal Year Filers: See “Supplemental Instructions for Fiscal MBT Filers — Financial Institutions” in this booklet.
• MEGA Employment Tax Credit (Form 4574)
This booklet is intended as a guide to help complete the MBT
return. It does not take the place of the law.
• MEGA Photovoltaic Technology Credit (Form 4574)
• Film Production Credit (Form 4574).
Who Files a Financial Return?
Beginning January 1, 2012, only those taxpayers with a
Using This Booklet
certificated credit, which is awarded but not yet fully claimed or
This MBT financial institution booklet includes forms and
utilized, may elect to be MBT taxpayers. If a taxpayer files an
instructions for financial institutions. These forms are designed
MBT return and claims a certificated credit, the taxpayer makes
for calendar year filers, and fiscal filers with tax year ending in
the election to file and pay under the MBT until the certificated
2012 (short-year returns), or in 2013.
credit and any carryforward of that credit are exhausted. Once
the election is made and the return is submitted, the taxpayer
Fiscal Year Filer: See “Supplemental Instructions for Fiscal
may not amend the return to revoke the election.
MBT Filers — Financial Institutions” in this booklet.
File an MBT Annual Return for Financial Institutions (Form
Read the General Information first. It is recommended that
4590) if the taxpayer is any of the following and holds a
taxpayers and tax preparers also briefly review the instructions
certificated credit:
for all forms.
A bank holding company, a national bank, a state chartered
Overview of MBT for Financial Institutions
bank, an office of thrift supervision chartered bank or thrift
The franchise tax is imposed upon the tax base of the financial
institution, or a savings and loan holding company other than
institution after allocation or apportionment to Michigan at the
a diversified savings and loan holding company as defined
rate of 0.235 percent.
in 12 United States Code (USC) 1467a(a)(1)(F) or a federally
chartered Farm Credit System institution.
In addition, there is an annual surcharge imposed at the rate of
23.4 percent.
Any person, other than an insurance company subject to
the tax imposed under Chapter 2A of the MBT Act, who is
NOTE: Trust-only banks do not pay a surcharge.
directly or indirectly owned by an entity described above
Nonrefundable and refundable credits are available for
and is a member of the Unitary Business Group (UBG). (See
financial institutions to help reduce the initial MBT liability.
the definition of UBG in the “UBGs and Combined Filing”
This includes a limited allowance for Single Business Tax
section of this General Information.) This generally refers to
(SBT) credit carryforwards.
all non-insurance taxpayers that are owned by and unitary with
financial institutions.
These forms are available online at
A UBG consisting of entities described above.
Nonrefundable Credits:
• SBT Credit Carryforwards (claimed on SBT Credit
What is a Certificated Credit
Carryforwards (Form 4569))
Certificated credits consist of MBT credits that, under MCL
• Compensation Credit (claimed on MBT Credits for
208.1107, are allowed to be applied against the calculated CIT
liability, as provided under MCL 208.1500(4). The certificated
Compensation, Investment, and Research and Development
(Form 4570))
credits are either nonrefundable or refundable credits. Below
is the list of all certificated credits potentially available to
• Renaissance Zone Credit (claimed on MBT Renaissance
financial institutions, and the respective form used for their
Zone Credit Schedule (Form 4595))
calculation.
• Brownfield Redevelopment Credit (calculated on MBT
Election of Refund or Carryforward of Credits (Form 4584))
Nonrefundable Certificated Credits:
• Individual or Family Development Account Credit (claimed
• Renaissance Zone Credit (Forms 4595 and 4573)
on MBT Miscellaneous Nonrefundable Credits (Form 4573))
• Historic Preservation Credit (Form 4573)
• Historic Preservation Credit (reported on Michigan Historic
• Brownfield Redevelopment Credit (Forms 4584 and 4573)
Preservation Tax Credit (Form 3581))
• Film Infrastructure Credit (Form 4573)
• Film Infrastructure Credit (as assignee only).
• MEGA Poly-Silicon Energy cost Credit and Miscellaneous
• Refundable Credits:
MEGA Battery Credits (Forms 4584 and 4573).
• Michigan
Economic
Growth
Authority
(MEGA)
Refundable Certificated Credits:
Employment Tax Credit (claimed on MBT Refundable Credits
• Historic Preservation Credit (Form 4573)
(Form 4574))
• Brownfield Redevelopment Credit (Forms 4584 and 4573)
• Historic Preservation Credit (reported on Form 3581)
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