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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




Monday, April 28 2014

Four Bill Package Retroactive to 2012 Except Unitary Group Changes Which are Not Effective Until 2014

From the MACPA:

Public Act 13 of 2014:  HB 5008

NOL Successorship

Explanation: Clarify that former SBT and MBT policy allowing loss carry-forwards to survive corporate reorganizations also applies to the CIT. (Parallels previously enacted MBT technical corrections.) (MCL 206.623) 

Clarify Ultimate Destination
Explanation: Clarify the phrase "ultimate destination" in the sourcing rule for tangible personal property to ensure that temporary storage of goods does not constitute coming to rest. (Parallels previously enacted MBT technical corrections.) (MCL 206.665) 

Small Business Credit Definition of Officer Limited

Explanation:  Adds to the definition of officer persons performing similar duties and responsibilities to those particular individuals that include, at a minimum, major decision making.

Public Act 14 of 2014:  HB 5009 

Expand Intercompany Eliminations for a Unitary Business Group
Explanation: Clarify that intercompany eliminations for a unitary business group filing a combined return include exemptions, deductions, subtractions and credits.  (MCL 206.691)

Public Act 15 of 2014:  HB 5010

Clarify Intercompany Elimination for Unitary Flow-Through Entity Sales
Explanation: Clarify that the sales factor elimination for intercompany sales between a corporation and a unitary flow-through entity is based on the corporation's ownership percentage in the flow-through entity. Similarly, clarify that sales between two unitary flow-through entities owned by the corporation are eliminated based on the corporation's ownership percentage of the selling flow-through entity.  (MCL 206.663)

IC-DISC Exemption
Explanation: Establish explicit exemption from CIT for Interest Charge Domestic International Sales Corporations (IC-DISC), consistent with federal income tax treatment.  (MCL 206.625)

Public Act 16 of 2014:  HB 5011 

ITC Recapture

Explanation:  Establish "to extent used" requirement in the CIT for the MBT ITC recapture provision (which exists in the SBT ITC recapture provision) to prevent double tax effect of recapturing a credit which was never utilized.  (MCL 206.673)

All of the amendments to the Corporate Income Tax will be discussed at the Michigan State and Local Tax Update in May in Traverse City and Troy.

Michigan State and Local Tax Update (30637 - MSLTTC)

Monday, May 12, 2014

Holiday Inn Traverse City - West Bay - Traverse City, MI

Michigan State and Local Tax Update (30641 - MSLTTR)

Monday, May 19, 2014

MSU Management Education Center - Troy, MI

Posted by: Ed Kisscorni AT 01:26 pm   |  Permalink   |  0 Comments  |  Email

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