New MBT FAQ's Also Available

The Michigan Department of Treasury has posted a Michigan Business Tax (MBT) Estimator to its MBT Web site, located at www.michigan.gov/mbt. The Estimator allows businesses and tax professionals to estimate a business's future MBT liability. The new business tax structure takes effect January 1, 2008.

It is important to note that the Estimator provides only unofficial estimates, with results having no legal bearing on a firm's MBT liability. The Estimator is housed on a secure, encrypted site which does not track the user's identity or retain data.

"The Estimator is another tool businesses can use to determine how the MBT and its components and credits might affect their bottom line," said State Treasurer Robert J. Kleine. "In addition, Treasury will continue to conduct outreach over the weeks and months ahead to provide important information to businesses and to help them comply with the MBT."

Several more Frequently Asked Questions have been posted to the MBT site, the fifth FAQ update since the site was activated in August. The department continues to receive new questions from the business community and will continue to issue responses and other guidance.

The MBT site also provides an overview of the tax as well as details on different elements of the MBT such as Nexus, Unitary Filing, and Apportionment. Recent MBT presentations, including two Webinars, can be downloaded from the site along with a schedule of upcoming presentations.

IMPORTANT FILING DATES
Taxpayers and tax professionals should note the following filing dates and information: Taxpayers expecting to have a 2008 MBT tax liability exceeding $800 must file quarterly estimates. Quarterly Estimate Return forms and instructions will be mailed in early January 2008 to businesses currently registered for the SBT. Forms will also be available on the MBT site.

For calendar year filers, MBT returns and payments will be due April 15, July 15, and October 15, 2008, and January 15, 2009. Returns and payments for fiscal year filers are due the 15th day of the first month after each quarter. Annual MBT Returns are due the last day of the 4th month after the tax year end, with payment of final liability.