Reduction in fees for shares of profit corporation takes effect January 1, 2006

Governor Granholm signed into law Public Act 212 of 2005 on November 21, 2005, substantially reducing the fees profit corporations pay for authorized shares greater than 60,000. The fee reduction is effective January 1, 2006.

Michigan profit corporations: Initial authorized shares and increase in authorized shares

and

Foreign profit corporation qualified to do business in Michigan: 60,000 shares considered initially attributable to Michigan and for increase in shares attributable* to Michigan.

1 - 60,000

 $50.00

60,001 - 1,000,000

$100.00

1,000,001 - 5,000,000

$300.00

5,000,001 - 10,000,000

$500.00

more than 10,000,000

$500.00
for first 10,000,000 plus $1000.00 for each additional 10,000,000, or portion thereof

*Foreign corporations only pay for the authorized shares attributable to Michigan. The number of shares attributable to Michigan is determined by multiplying the total number of authorized shares of the foreign corporation by the most recent apportionment percentage used in the computation of the single business tax. If the corporation's business activities are confined solely to Michigan, the total number of authorized shares are considered attributable to Michigan.