Emergency-related state tax relief available for taxpayers located in multiple counties of Michigan impacted by severe weather.
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The Implementation of the Michigan Flow-Through Entity Tax
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The flow-through entity tax is levied on the Michigan portion of the positive business income tax base of an electing flow-through entity, which generally correlates to the business income attributed to members that will be taxed in Michigan. Based upon the calculation and payment of the flow-through entity tax, there are certain credits and adjustments that must be communicated to, and thereafter reported on the respective Michigan income tax returns of, an electing flow-through entity’s members. Together, these components are designed to generally collect the same amount of income tax under the flow-through entity tax as would otherwise have been collected from members of the flow-through entity.