Credits 15. If a taxpayer elects to file under the MBT because it holds a qualifying certificated credit but a later audit determines that the taxpayer was not entitled to a credit, is the taxpayer required to amend to file under the CIT

Yes. If a taxpayer elected to file under the MBT and an IRS or Michigan audit determines that the taxpayer was not in fact entitled to the certificated credit or the credit was exhausted, the election to file under the MBT terminates because the taxpayer had no right to make the election. The taxpayer will then file under the CIT if required to do so. In such cases, a taxpayer may have to file CIT returns for any previous MBT returns filed after the tax year adjusted by the audit.