|Corporate Income Tax|
|Insurance Companies/Financial Institutions 2. Does the $100 liability threshold apply to insurance companies and financial institutions?|
Yes. Section 685 of 2011 PA 38 provides for a filing threshold and a liability threshold, stating:
This section clearly excludes insurance companies and financial institutions from the $350,000 filing threshold but does not similarly limit the liability threshold. Therefore, an insurance company or financial institution with an annual liability of $100 or less is not required to file a CIT annual return or pay the tax.