Emergency-related state tax relief available for taxpayers located in two counties of Michigan impacted by severe weather.
Corporate Tax Base 4. Are farms exempt under the CIT? Are agricultural activities taxed under the CIT? What about a taxpayer that has both retail and farm activities?
Corporate Tax Base 4. Are farms exempt under the CIT? Are agricultural activities taxed under the CIT? What about a taxpayer that has both retail and farm activities?
No, farms are not exempt under the CIT. Furthermore, the tax base attributable to the production of agricultural goods by a person whose primary activity is the production of agricultural goods is similarly not exempt. However, taxpayers under the CIT are limited to C corporations, insurance companies, financial institutions, and unitary business groups.