Because fiscal year taxpayers will be granted an automatic extension for their 2008 fiscal year annual return with an extended due date of April 30, 2009, MBT annual returns will not be due before forms are released later this year (2008).

In accordance with MBT Section 501, "interest provided by this act shall not be assessed ?(a) If the sum of the estimated payments equals at least 85% of the liability and the amount of each estimated payment reasonably approximates the tax liability incurred during the quarter for which the estimated payment was made." MCL 208.1501(4)(a). While the Revenue Act also provides for imposition of penalties "if a taxpayer fails or refuses to file a return or pay a tax within the time specified" [MCL 205.24(2)], penalties would not be imposed if the criteria of Section 501 described above are timely met.