Section 206.639 – Tax Credit in Amount Equal to 50% of Examination Fees Paid by Insurance Company.
206.639 Tax credit in amount equal to 50% of examination fees paid by insurance company. Sec. 639. An insurance company shall be allowed a credit against the tax imposed under this chapter in an amount equal to 50% of the examination fees paid by the insurance company during the tax year pursuant to section 224 […]
Section 206.676 – Rehabilitation of Historic Resource; Tax Credit; Plan; Certification; Revocation of Certificate or Sale of Historic Resource; Rules; Report; Definitions.
206.676 Rehabilitation of historic resource; tax credit; plan; certification; revocation of certificate or sale of historic resource; rules; report; definitions. Sec. 676. (1) Subject to the limitations under this section, a qualified taxpayer with a certificate of completed rehabilitation issued pursuant to subsection (4) after December 31, 2020 and before January 1, 2031 may credit […]
Section 206.641 – Amounts Paid Pursuant to MCL 418.352; Tax Credit; Refund of Excess Amount.
206.641 Amounts paid pursuant to MCL 418.352; tax credit; refund of excess amount. Sec. 641. (1) For amounts paid pursuant to section 352 of the worker’s disability compensation act of 1969, 1969 PA 317, MCL 418.352, an insurance company subject to the worker’s disability compensation act of 1969, 1969 PA 317, MCL 418.101 to 418.941, […]
Section 206.643 – Imposition of Tax on Insurance Company; Tax Year; Annual Return; Calculation of Estimated Payment; Disclosure.
206.643 Imposition of tax on insurance company; tax year; annual return; calculation of estimated payment; disclosure. Sec. 643. (1) An insurance company is subject to the tax imposed by this chapter or by section 476a of the insurance code of 1956, 1956 PA 218, MCL 500.476a, if applicable, whichever is greater. (2) The tax year […]
Section 206.651 – Definitions.
206.651 Definitions. Sec. 651. As used in this chapter: (a) “Billing address” means the location indicated in the books and records of the financial institution on the first day of the tax year or on a later date in the tax year when the customer relationship began as the address where any notice, statement, or […]
Section 206.653 – Franchise Tax.
206.653 Franchise tax. Sec. 653. (1) Every financial institution with substantial nexus in this state is subject to a franchise tax. The franchise tax is imposed upon the tax base of the financial institution as determined under section 655 after allocation or apportionment to this state, at the rate of 0.29%. (2) For purposes of […]
Section 206.655 – Financial Institution; Tax Base; Total Equity Capital.
206.655 Financial institution; tax base; total equity capital. Sec. 655. (1) For a financial institution, the tax base is the total equity capital of the financial institution or the top-tiered parent entity in the case of a unitary business group of financial institutions, subject to the following deductions before allocation or apportionment: (a) The average […]
Section 206.657 – Financial Institution; Business Activities Subject to Tax Within and Outside of State; Gross Business Factor.
206.657 Financial institution; business activities subject to tax within and outside of state; gross business factor. Sec. 657. (1) Except as otherwise provided under this chapter, the tax base of a financial institution whose business activities are confined solely to this state shall be allocated to this state. The tax base of a financial institution […]
Section 206.659 – Financial Institution; Gross Business in State; Determination.
206.659 Financial institution; gross business in state; determination. Sec. 659. Gross business in this state of the financial institution is determined as follows: (a) Receipts from credit card receivables including without limitation interest and fees or penalties in the nature of interest from credit card receivables and receipts from fees charged to credit card holders […]
Section 206.661 – Tax Base; Apportionment; Taxpayer Subject to Tax Within State, Within and Outside State, or in Another State.
206.661 Tax base; apportionment; taxpayer subject to tax within state, within and outside state, or in another state. Sec. 661. (1) Except as otherwise provided in this part, the tax base established under this part shall be apportioned in accordance with this chapter. (2) The tax base of a taxpayer whose business activities are confined […]