Form 4947 - Michigan Schedule Of Certificated Credits

Instructions for Form 4947

Schedule of Certificated Credits

determine which Renaissance Zone credits are certificated. A

Purpose

certificated Renaissance Zone credit will be identified by the

To allow qualified taxpayers that elect to file Michigan

checkbox on line 2 of Form 4595. Only a credit of that type

Business Tax (MBT) for tax years ending after 2011 to identify

may be reported here. Enter credit amount from Form 4595,

their certificated credits and recapture of certain tax credits.

line 25b.

These amounts will be used in calculating the pro forma

If a taxpayer has activity in more than one certificated

Corporate Income Tax (CIT) liability on the Schedule of CIT

Renaissance Zone, a separate Form 4595 will be filed for each

Liability for a MBT Filer (Form 4946), which is a required

Zone. In that case, report here the combined total of credits

element in calculating MBT liability for tax years ending after

claimed on all Forms 4595, line 25b, for which certificated

2011.

status is properly claimed on Form 4595, line 2.

NOTE: Only a limited number of credits and recaptures

DO NOT use the Renaissance Zone credit amount from Form

listed on this form apply to financial institutions or insurance

4573 or Form 4596 to complete this form.

companies. Credits and recaptures applicable to financial

institutions are identified in the instructions of the forms from

Line 3: An Historic Preservation Credit may be classified

which figures on this form originate. A credit or recapture

as refundable or nonrefundable, depending upon an election

should not be reported on Form 4947 if it is not reported on one

made by the taxpayer. Use this line only to report an Historic

of the following forms:

Preservation Credit that is properly classified as nonrefundable.

If a refundable historic preservation credit was claimed as an

• Nonrefundable Credits Summary (Form 4568)

accelerated credit on the Request for Accelerated Payment

• Credits for Compensation, Investment, and Research and

for the Brownfield Redevelopment Credit and the Historic

Development (Form 4570)

Preservation Credit (Form 4889), that credit amount is not

• Miscellaneous Nonrefundable Credits (Form 4573)

reported on this form. Standard taxpayers and financial

institutions use the Historic Preservation Credit Net of

• Refundable Credits (Form 4574)

Recapture amount as reported on Form 4568, line 22.

• Investment Tax Credit Recapture From Sale of Assets

Acquired Under Single Business Tax (Form 4585)

Line 4: A MEGA Federal Contracts Credit may be classified as

refundable or nonrefundable, depending upon an election made

• Schedule of Recapture of Certain Business Tax Credits

by the taxpayer. Use this line only to report a MEGA Federal

(Form 4587)

Contracts Credit that is properly classified as nonrefundable,

• Renaissance Zone Credit Schedule (Form 4595).

and reported on Form 4568.

Insurance

NOTE

for

Insurance

Companies:

Line 5: A Brownfield Redevelopment Credit may be

Companies calculate certificated credits separately on the

classified as refundable or nonrefundable, depending upon an

Miscellaneous Credits for Insurance Companies (Form

election made by the taxpayer. Use this line only to report a

4596) and the Schedule of Corporate Income Tax Liability

Brownfield Redevelopment Credit that is properly classified as

for a Michigan Business Tax Insurance Filer (Form 4974).

nonrefundable. If a refundable Brownfield credit was claimed

as an accelerated credit on Form 4889, that credit amount is

Line-by-Line Instructions

not reported on this form. Standard taxpayers and financial

Lines not listed are explained on the form.

institutions use the Brownfield Redevelopment Credit amount

as reported on Form 4568, line 32

Name and Account Number: Enter name and account

number as reported on page 1 of the applicable MBT annual

Line 6: Standard taxpayers and financial institutions use the

return (either MBT Annual Return (Form 4567) for standard

amount from Form 4568, line 35.

taxpayers, MBT Annual Return for Financial Institutions (Form

Line 7: A MEGA Plug-In Traction Battery Manufacturing

4590), or Insurance Company Annual Return for Michigan

Credit may be classified as refundable or nonrefundable,

Business and Retaliatory Taxes (Form 4588).

depending upon an election made by the taxpayer. Use

UBGs: Complete one form for the group. Enter designated

this line only to report a MEGA Plug-In Traction Battery

member’s name and account number. To the extent that credits

Manufacturing

Credit

that

properly

classified

are calculated on a pro-forma, member level basis on the 4568,

nonrefundable, and reported on Form 4568.

4595, or 4574, enter the total credit amount for the group on this

Line 8: An Anchor Company Payroll Credit may be classified

form.

as refundable or nonrefundable, depending upon an election

PART 1: Certificated Nonrefundable Credits

made by the taxpayer. Use this line only to report an Anchor

If not taking any credits in Part 1, skip to Part 2.

Company Payroll Credit that is properly classified as

nonrefundable, and reported on Form 4568.

Line 2: Not all Renaissance Zone credits are certificated

credits to be reported on this form. See special instructions on

Line 9: An Anchor Company Taxable Value Credit may be

the MBT Renaissance Zone Credit Schedule (Form 4595) to

classified as refundable or nonrefundable, depending upon

Form 4947 - Michigan Schedule Of Certificated Credits - 2012 Page 3

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