Section 206.30 – “Taxable Income” Defined; Personal Exemption; Single Additional Exemption; Deduction Not Considered Allowable Federal Exemption for Purposes of Subsection (2); Allowable Exemption or Deduction for Nonresident or Part-Year Resident; Subtraction of Prizes Under MCL 432.1 to 432.47 From Adjusted Gross Income Prohibited; Adjusted Personal Exemption; “Retirement or Pension Benefits” Defined; Limitations and Restrictions; Treatment of Surviving Spouses; Definitions.
206.30 “Taxable income” defined; personal exemption; single additional exemption; deduction not considered allowable federal exemption for purposes of subsection (2); allowable exemption or deduction for nonresident or part-year resident; subtraction of prizes under MCL 432.1 to 432.47 from adjusted gross income prohibited; adjusted personal exemption; “retirement or pension benefits” defined; limitations and restrictions; treatment of […]
Section 206.1 – Income Tax Act of 1967; Short Title.
206.1 Income tax act of 1967; short title. Sec. 1. This act is for the purpose of meeting deficiencies in state funds and shall be known and may be cited as the “income tax act of 1967”. History: 1967, Act 281, Eff. Oct. 1, 1967
Section 206.2 – Income Tax Act; Rules of Construction; Internal Revenue Code, Applicability.
206.2 Income tax act; rules of construction; internal revenue code, applicability. Sec. 2. (1) For the purposes of this part, the words, terms and phrases set forth in this chapter and their derivations have the meaning given therein. When not inconsistent with the context, words used in the present tense include the future, words in […]
Section 206.4 – “Business Income” Defined.
206.4 “Business income” defined. Sec. 4. “Business income” means all income arising from transactions, activities, and sources in the regular course of the taxpayer’s trade or business and includes the following: (a) All income from tangible and intangible property if the acquisition, rental, management, or disposition of the property constitutes integral parts of the taxpayer’s […]
Section 206.6 – “Commercial Domicile,” “Compensation,” and “Corporation” Defined.
206.6 “Commercial domicile,” “compensation,” and “corporation” defined. Sec. 6. (1) “Commercial domicile” means the principal place from which the trade or business of the taxpayer is directed or managed. (2) “Compensation” means wages as defined in section 3401 and other payments as provided in section 3402 of the internal revenue code. (3) “Corporation” means, in […]
Section 206.8 – Definitions; D, E.
206.8 Definitions; D, E. Sec. 8. (1) “Department” means the revenue division of the department of treasury. (2) “Dependent” means a dependent as defined in section 152 of the internal revenue code. (3) “Employee” means an employee as defined in section 3401(c) of the internal revenue code. Any person from whom an employer is required […]