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Michigan Corporate Income Tax (CIT)

The Michigan Corporate Income Tax (CIT) was signed into law by Governor Rick Snyder on May 25, 2011.  The CIT imposes a 6% corporate income tax on C corporations and taxpayers taxed as corporations federally.  The CIT has one credit, the small business alternative credit, which offers an alternate tax rate of 1.8% of adjusted business income.  There are no other credits, except those under the MBT election (addressed below).  Insurance companies and financial institutions pay alternative taxes.  The CIT replaces the Michigan Business Tax (MBT) for most taxpayers, effective January 1, 2012.  Taxpayers with less than $350,000 in allocated or apportioned gross receipts and/or less than or equal to $100 in annual liability are not required to file or pay the CIT.  The gross receipts threshold does not apply to financial institutions or insurance companies.

Additionally, on May 25, 2011, the Governor signed into law the MBT election which enables certain MBT taxpayers with certificated or awarded credits to continue using those credits once the CIT is in place.  Such taxpayers may elect to continue filing and paying under the MBT until the expiration of the previously-awarded certificated credits.

CIT Webcast Presentations

 

To view additional details on the Corporate Income Tax, choose from the categories below.

Tax Base
 
Insurance Companies / Financial Institutions
     
Nexus and
Apportionment
 
Unitary Business Groups
     
Credits
 
Filing
Requirements
     
 

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