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Michigan Business Tax
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Mi37. Are mortgage companies financial institutions under the Michigan Business Tax?
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Answer:
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MCL 208.1261(f) defines a financial institution as
(i) A bank holding company, a national bank, a state chartered bank, an office
of thrift supervision chartered bank or thrift institution, or a savings and
loan holding company other than a diversified savings and loan holding company
as defined in 12 USC 1467a(a)(F).
(ii) Any person, other than a person subject to the tax imposed under chapter
2A, who is directly or indirectly owned by an entity described in subparagraph (i)
and is a member of the unitary business group.
(iii) A unitary business group of entities described in subparagraph (i) or
(ii), or both.
Thus, even though a mortgage company is not expressly defined as a financial
institution, it will be considered a financial institution if it is owned
directly or indirectly by a financial institution and is a member of the unitary
business group that the parent financial institution is also a member. If a
mortgage company meets these criteria, it is a financial institution under the
MBT.
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