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 […]
Section 206.520 – Credit for Property Taxes on Homestead; Credit for Person Renting or Leasing Homestead; Credit in Excess of Tax Liability Due; Assignment of Claim to Mortgagor by Senior Citizen for Rent Reduction; Eligibility to Claim Credit on Property Rented or Leased as Credit for Person Receiving Aid to Families With Dependent Children, State Family Assistance, or State Disability Assistance Payments; Reduction of Credit for Claimant Whose Household Income Exceeds Certain Amount; Adjustment; Credit Claimable by Senior Citizen; Limitations; Rules; Form; Determining Qualification to Claim Credit After Move to Different Rented or Leased Homestead; Reduction of Claim for Return of Less Than 12 Months; Total Credit Allowed by Section and MCL 206.522; “United States Consumer Price Index” Defined.
206.520 Credit for property taxes on homestead; credit for person renting or leasing homestead; credit in excess of tax liability due; assignment of claim to mortgagor by senior citizen for rent reduction; eligibility to claim credit on property rented or leased as credit for person receiving aid to families with dependent children, state family assistance, […]
Section 206.609 – Definitions; P to S.
206.609 Definitions; P to S. Sec. 609. (1) “Person” means an individual, bank, financial institution, insurance company, association, corporation, flow-through entity, receiver, estate, trust, or any other group or combination of groups acting as a unit. (2) “Professional employer organization” means an organization, other than an organization whose business activities are included in industry group […]
Section 206.522 – Determination of Amount of Claim; Election of Classification in Which to Make Claims; Single Claimant per Household Entitled to Credit; “Totally and Permanently Disabled” Defined; Computation of Credit by Senior Citizen; Reduction of Claim; Tables; Maximum Credit; Total Credit Allowable Under Part And Part 361 of Natural Resources and Environmental Protection Act.
206.522 Determination of amount of claim; election of classification in which to make claims; single claimant per household entitled to credit; “totally and permanently disabled” defined; computation of credit by senior citizen; reduction of claim; tables; maximum credit; total credit allowable under part and part 361 of natural resources and environmental protection act. Sec. 522. […]