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Form 4585 - Michigan Business Tax Investment Tax Credit Recapture From Sale Of Assets Acquired Under Single Business Tax - 2012 Page 7

by going to the Treasury site (

mbt4585tool), and enter the necessary information as

instructed).

•

Line 9, column M: For each taxable year on

line 9, column I, multiply line 7, column C by line 9,

column L. Enter results here. Match the taxable year

on line 9, column I with the taxable year on line 4,

column A, and carry amount from line 9, column M

to line 4, column E for each appropriated tax year line.

• Method C:

○ Line 4, columns A through D: Leave lines blank.

○ Line 5, columns A and B: Leave lines blank.

○ Line 4, column E: Enter results from the taxpayer’s

own software of choice (that is, a non-Treasury Web tool)

or the taxpayer’s own calculation that reflects the MBT

statute. Retain records to substantiate figures entered in

the filed return.

PART 3: CALCULATION OF SBT ITC RECAPTURE AMOUNTS

Line 6: Follow the instructions below:

Column A: Enter in chronological order, beginning with

the earliest, the tax year end date of each acquisition year of

disposed assets that triggered SBT ITC recapture from lines

1-3.

Column B: Separately for each acquisition year listed in

column A, combine the corresponding amounts in line 1,

column F, line 2, column F, and line 3, column B for all

disposed assets that triggered SBT ITC recapture.

Column C: For each acquisition year listed in column A, enter

the corresponding SBT ITC effective rate from line 4, column

E. Match the acquisition year in line 6, column A, with the

corresponding acquisition year in line 4, column A.

Column D: Multiply column B by column C for each

acquisition year.

Line 7: Add up figures in each row of line 6, column D, and

carry the amount to Form 4570, line 19.

Include completed Form 4585 as part of the tax return filing.

147

Form 4585 - Michigan Business Tax Investment Tax Credit Recapture From Sale Of Assets Acquired Under Single Business Tax - 2012 Page 7