Section 206.847 – Imposition of Tax; Subject to Certain State and Local Tax Deduction Limitations Under the Internal Revenue Code.
206.847 Imposition of tax; subject to certain state and local tax deduction limitations under the internal revenue code. Sec. 847. The tax created under this part is levied and imposed for any tax year that section 164(b)(6)(B) of the internal revenue code limits the amount an individual is allowed to deduct under section 164(a) of […]
Section 206.801 – Meanings of Terms; Other Provisions.
206.801 Meanings of terms; other provisions. Sec. 801. A term used in this part and not defined differently shall have the same meaning as when used in comparable context in the laws of the United States relating to federal income taxes in effect for the tax year as provided in section 805(5) unless a different […]
Section 206.843 – Distribution to State School Aid Fund; Balance to General Fund.
206.843 Distribution to state school aid fund; balance to general fund. Sec. 843. From the tax levied under this part, that percentage of the gross collections before refunds that is equal to 1.012% divided by the tax rate levied under this part shall be deposited in the state school aid fund created in section 11 […]
Section 206.803 – Definitions; B to E.
206.803 Definitions; B to E. Sec. 803. (1) “Business activity” means a transfer of legal or equitable title to or rental of property, whether real, personal, or mixed, tangible or intangible, or the performance of services, or a combination thereof, made or engaged in, or caused to be made or engaged in, whether in intrastate, […]
Section 206.845 – Classification as Disregarded Entity for Federal Income Tax Purposes.
206.845 Classification as disregarded entity for federal income tax purposes. Sec. 845. Notwithstanding any other provision of this act, a person that is a disregarded entity for federal income tax purposes under the internal revenue code shall be classified as a disregarded entity for purposes of this part. History: Add. 2021, Act 135, Imd. Eff. […]
Section 206.805 – Definitions; F to M.
206.805 Definitions; F to M. Sec. 805. (1) “Federal taxable income” means taxable income as defined in section 63 of the internal revenue code without the deductions described under section 703(a)(2) of the internal revenue code. For the purposes of this part in computing federal taxable income, an S corporation shall be treated as a […]
Section 206.807 – Definitions; P to S.
206.807 Definitions; P to S. Sec. 807. (1) “Partnership” means an entity that is required to or has elected to file as a partnership for federal income tax purposes. Partnership includes a limited liability company that is treated as a partnership for federal income tax purposes. (2) “Person” means an individual, bank, financial institution, insurance […]
Section 206.809 – Definitions; T to U.
206.809 Definitions; T to U. Sec. 809. (1) “Tax” means the tax imposed under this part, including interest and penalties under this part, unless the term is given a more limited meaning in the context of this part or a provision of this part. (2) “Tax year” means the calendar year, or the fiscal year […]
Section 206.811 – Nexus; “Actively Solicits”, “Gross Receipts”, and “Physical Presence” Defined.
206.811 Nexus; “actively solicits”, “gross receipts”, and “physical presence” defined. Sec. 811. (1) Except as otherwise provided in this part, a taxpayer has substantial nexus in this state and is subject to the tax imposed under this part if the taxpayer elects to pay the tax pursuant to section 813 and if the taxpayer has […]
Section 206.813 – Election to Pay Flow-Through Entity Tax; Irrevocable; Timing.
206.813 Election to pay flow-through entity tax; irrevocable; timing. Sec. 813. For tax years beginning on and after January 1, 2021, a flow-through entity may, in a form and manner as prescribed by the department, elect to file a return and pay the tax imposed by this part. Except as otherwise provided under this section, […]