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FAQ
  Michigan Business Tax
A27. Does the $350,000 filing threshold apply to just the gross receipts tax or to both the gross receipts and business income taxes?
 
Answer:
If a taxpayer exceeds the filing threshold provided in Section 505, and has apportioned or allocated gross receipts of $350,000.00 or more, the taxpayer is liable for both the business income tax, under Section 201, and modified gross receipts tax, under Section 203. The taxpayer must file an MBT return.

An insurance company, regulated by chapter 2A of the MBTA, does not have a filing threshold regarding its liability to pay the tax on gross direct premiums written on Michigan property or risk. Likewise, a financial institution, regulated by chapter 2B of the MBTA, does not have a filing threshold regarding its liability to pay the franchise tax on its net capital.


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