Form 4599 - Michigan Business Tax For Financial Institutions Booklet - 2012 Page 5
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42• MEGA Photovoltaic Technology Credit (as assignee only)
been waived, estimates are due by the 20th day of the month
following the month’s end. The estimates for the quarter must
• Brownfield Redevelopment Credit (calculated on Form 4584)
also reasonably approximate the liability for the quarter.
• Film Production Credit (as assignee only).
NOTE: Your debit transaction will be ineligible for EFT
Required CIT Tax Comparison
if the bank account used for the electronic debit is funded or
otherwise associated with a foreign account to the extent that
If choosing to file MBT in 2012 to claim certain certificated
the payment transaction would qualify as an International ACH
credits, taxpayers are required to calculate MBT liability
Transaction (IAT) under NACHA Rules. Contact your financial
as the higher of MBT liability or hypothetical CIT liability.
institution for questions about the status of your account.
A taxpayer must pay the higher of the two or take the lesser
Contact the Michigan Department of Treasury’s (Treasury)
refund.
EFT Unit at (517) 636-6925 for alternate payment methods.
A taxpayer calculates the franchise tax and surcharge of the
The estimated payment made with each quarterly return must
MBT and applies all credits, including certificated credits,
be computed on the following:
deductions, and exemptions available under the MBT. Then,
as if they were subject to the CIT, taxpayers calculate the
• the actual CIT liability for the quarter, or 25 percent of the
franchise tax under the CIT and apply deductions available
estimated total liability if paying a CIT liability, or
under the CIT. The CIT liability is then reduced (not below to
• the actual MBT franchise tax for the quarter, or 25 percent
zero) by the amount of certificated nonrefundable credit used to
of the estimated annual total liability, plus the surcharge
offset the MBT liability. The CIT liability offset by certificated
imposed, if continuing to file MBT in 2013.
nonrefundable MBT credits is further reduced by the total
amount of certificated refundable credits claimed under the
To avoid interest and penalty charges, estimated payments must
MBT liability calculation, resulting in the taxpayers’ final
equal at least 85 percent of the total liability for the tax year
CIT liability. Taxpayers’ final MBT liability consists on the
and the amount of each estimated payment must reasonably
higher of the calculated MBT and CIT liabilities. If both MBT
approximate the tax liability for that quarter. If continuing
and CIT liabilities result in tax refunds (negative liability),
to file MBT and the prior year’s tax under the MBT Act,
taxpayers are entitled to the lower refund amount.”
including surcharge, is $20,000 or less, estimated tax may be
based on the prior year’s total tax liability paid in four equal,
Specific forms are provided to perform the MBT to CIT
timely installments. (“Four equal installments” describes the
comparison and determine the tax liability or refund. The
minimum pace of payments that will satisfy this safe harbor.
Michigan Schedule of Corporate Income Tax Liability for
Payments at a more accelerated pace also will qualify.) If the
a Michigan Business Tax Filer (Form 4946) is used for the
prior year’s tax liability was reported for a period less than 12
standard taxpayer comparison. The Michigan Schedule of
months, this amount must be annualized for purposes of both
Corporate Income Tax Liability for a Michigan Business
the $20,000 ceiling and calculating the quarterly payments due
Tax Insurance Filer (Form 4974) is used for the insurance
under this method.
company’s comparison. The Michigan Schedule of Corporate
NOTE: For those continuing to file MBT, reliance on the
Income Tax Liability for a Michigan Business Tax Financial
Filer (Form 4975) is used for the financial institution’s
tax liability of the prior year as a means to avoid interest and
penalty charges is only allowed if you had business activity in
comparison.
Michigan in that prior year. A return must have been or be filed
Filing MBT/CIT Quarterly Tax Estimates for 2013
to establish the tax liability for that prior year. In addition, if
your business was not in existence in the preceding year, no
If estimated liability for the year is reasonably expected to
safe harbor exists. In such a case, estimates must be based on
exceed $800, a taxpayer must file estimated returns either
the MBT liability for the current year. For those filing CIT,
monthly or quarterly. Payments can be made with either of the
there is no safe harbor in this first year. The estimates must
following returns:
equal at least 85 percent of the total liability as stated above.
• Michigan Corporate Income Tax Quarterly Return (Form
4913), or
Amending Estimates
If, after making payments, the estimated tax is substantially
• Combined Return for Michigan Taxes (Form 160) (if
different than originally estimated, recompute the tax and
registered for Sales, Use, and Withholding Taxes).
adjust the payment in the next quarter.
If paying quarterly with Form 160 or Form 4913, estimates are
due by the 15th of the month following the end of the quarter.
Electronic Filing of MBT Returns
If paying monthly using Form 160, monthly payments are
Michigan has an enforced MBT e-file mandate. Software
due by the 20th day of the month. For example, a taxpayer
developers producing MBT tax preparation software and
may file monthly estimated tax payments using Form 160
computer-generated forms must support e-file for all eligible
on February 20, March 20, and April 20 rather than a single
Michigan forms that are included in their software package.
quarterly payment on April 15 provided the combined
All eligible MBT returns prepared using tax preparation
estimated tax payments for those months are calculated using
software or computer-generated forms must be e-filed.
the instructions provided with the form. For taxpayers electing
to make monthly remittances by Electronic Funds Transfer
Treasury will be enforcing the MBT e-file mandate. The
(EFT) where the requirement to file a paper Form 160 has
enforcement includes not processing computer-generated paper
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