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Contact Information:
Edward S. Kisscorni, CPA
290 Suncrest Court, SW
Grandville, MI 49418

Office: 616/233-0667
Cell: 616/443-6730
Fax: 616/233-0667




Wednesday, August 31 2011

Taxpayers Will Have The Option to File the MBT or the CIT


If a taxpayer has received a certificated tax certificate, they must apply it to the higher calculation of the Michigan Business Tax (MBT) or the Corporate Income Tax (CIT) but file it on the MBT form. 


The following is from the Michigan Economic Development Corporation (MEDC): 


The tax reform package of bills that were signed into law earlier this year will allow taxpayers to receive the benefits for their MBT certificated credits by electing to continue to file the MBT for the duration for their credits.  In the case of a taxpayer with unused MEGA credits, if their MEGA is for five years, they would be making the election to file the MBT for the five year duration.


Companies electing to claim their credits and file the MBT will apply the value of the certificated credit to the higher of either the MBT liability, including non-certificated credits, or the calculated CIT liability as if they were subject to the CIT.  Companies must calculate the liability on both each year.  Forms will not be out until the end of the year.


Companies may also opt-out of this option and simply file under the CIT if they would have a lower CIT liability compared to the value of their certificated credit under the MBT formula, but they would forego any remaining credits.


The above was provided by:   Dawn Baetsen, CED, Partner

                                                Atlas Insight, LLC

                                                1438 Glen Ellyn Dr. SE

                                                Grand Rapids, MI  49546

                                                (616) 301-5980



Posted by: Ed Kisscorni AT 01:01 pm   |  Permalink   |  0 Comments  |  Email
Monday, August 29 2011

New Programs Replace MEGA, Brownfield and Historic Tax Credit

The Michigan Economic Development Corporation (MEDC) and the Michigan Strategic Fund (MSF) last week Wednesday approved $100 million in new incentives. 

Two programs, the Michigan Business Development and Michigan Community Revitalization Programs, will replace MEGA, Brownfield and Historic tax credit programs.  The previous programs were features of the Michigan Business Tax, which was eliminated earlier this year by Governor Rick Snyder and the Legislature. 

The entirely new incentive programs are designed to attract new business investment for job creation and redevelopment.  The new programs are performance based with clear benchmarks, that will offer greater flexibility and a transparent process. 

The Michigan Business Development Program will provide grants, loans or other economic assistance of up to $10 million to businesses that are creating qualified new jobs and making new investments in Michigan. 

The MSF will consider factors such as out-of-state competition, private investment in the project, business diversification opportunities, near-term job creation, wage and benefit levels of the new jobs, and net-positive return to the state when making the awards. 

The Michigan Community Revitalization Program will provide grants, loans, or other economic assistance of up to $10 million to projects that will revitalize regional urban areas, act as a catalyst for additional investment in a community, reuse vacant or historic buildings and promote mixed use and sustainable development. 

Both programs will start with the fiscal year 2012 starting on October 1, 2011. 

The programs are intended to build a friendlier business climate in Michigan to help drive Michigan's economic turnaround.  These programs will better leverage the state's many assets in ways that are simple, fair, efficient and transparent. 

Posted by: Ed Kisscorni AT 01:13 pm   |  Permalink   |  0 Comments  |  Email


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