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 206.837 – Added Interest; Exception for 2021 Refunds.
206.837 Added interest; exception for 2021 refunds. Sec. 837. For tax years ending in 2021 only, if a taxpayer elects to pay the tax under section 813 for the tax year ending in 2021 and the annual return filed under this part for that tax year results in a refund, that refund is not subject […]
Section 206.839 – Non-Electing Flow-Through Entity; Reporting of Information Required by Internal Revenue Code; Estate or Trust Reporting Requirements.
206.839 Non-electing flow-through entity; reporting of information required by internal revenue code; estate or trust reporting requirements. Sec. 839. (1) A taxpayer or a flow-through entity that did not make the election under section 813 shall provide on or before the due date of the return under section 833, upon the amendment of a return […]
Section 206.841 – Administration of Tax; Conflicting Provisions; Rules; Forms; Additional Tax Liability; Statistics Detailing Distribution of Tax Receipts.
206.841 Administration of tax; conflicting provisions; rules; forms; additional tax liability; statistics detailing distribution of tax receipts. Sec. 841. (1) The tax imposed by this part shall be administered by the department of treasury pursuant to 1941 PA 122, MCL 205.1 to 205.31, and this part. If a conflict exists between 1941 PA 122, MCL […]
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 […]