Because Treasury has started issuing the expanded Michigan EITC supplemental check payments for tax year 2022, it is no longer necessary to view or manually update your address. If you moved between last year and now, please be sure your new address is on your 2023 individual income tax return filing.
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:
a taxpayer, other than a taxpayer subject to the tax imposed under chapter 12 or 13, whose apportioned or allocated gross receipts are less than $350,000.00 does not need to file a return or pay the tax imposed under this part… A taxpayer whose tax liability under this part is less than or equal to $100.00 does not need to file a return or pay the tax imposed under this part.
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.