Bill Text: MI HB4939 | 2011-2012 | 96th Legislature | Introduced
Bill Title: Income tax; returns; method of computing tax for portion of a tax year; clarify. Amends sec. 683 of 1967 PA 281 (MCL 206.683).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-10-19 - Re-referred To Committee On Tax Policy [HB4939 Detail]
Download: Michigan-2011-HB4939-Introduced.html
HOUSE BILL No. 4939
September 13, 2011, Introduced by Rep. Gilbert and referred to the Committee on Tax Policy.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
by amending section 683 (MCL 206.683), as added by 2011 PA 38.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 683. (1) If a taxpayer's tax year to which this part
applies ends before December 31, 2012, then a taxpayer subject to
this part may elect to compute the tax imposed by this part for the
portion
of that tax year to which this part applies or that first
tax
year in accordance with 1 of the
following methods:
(a) The tax may be computed as if this part were effective on
the first day of the taxpayer's annual accounting period and the
amount computed shall be multiplied by a fraction, the numerator of
which is the number of months in the taxpayer's first tax year and
the denominator of which is the number of months in the taxpayer's
annual accounting period.
(b) The tax may be computed by determining the corporate
income tax base in the first tax year in accordance with an
accounting method satisfactory to the department that reflects the
actual corporate income tax base attributable to the period.
(2) The method chosen by the taxpayer under this section shall
be the same as the method used by that same taxpayer when computing
the tax imposed under the Michigan business tax act, 2007 PA 36,
MCL 208.1101 to 208.1601, for the other portion of that same tax
year.
Enacting section 1. This amendatory act takes effect January
1, 2012.
