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 7. Financial Institutions pay tax under the CIT on net capital. Computation of this tax base requires a financial institution to average the past five years of net equity with certain deductions
The term "financial institution" includes a unitary business group of financial institutions. MCL 206.651(f). A financial institution must compute the current tax year tax base by taking a five year average of net capital. MCL 206.655(2). For a UBG of financial institutions each member entity of the group must compute net capital, using the five year average, individually. The group then sums the results of the entities' calculations to reach net capital for the group. Once a member entity is considered a part of a UBG of financial institutions, it must compute its individual net equity in accordance with this requirement. This means that an entity that was newly added to the UBG will compute its net capital by using the average of five years of net capital and then adding this result to the results of the other member entities of the group. A shorter look-back period may apply if the new UBG member has not itself been in existence for five years. MCL 206.655(2).