Bill Text: MI SB0654 | 2011-2012 | 96th Legislature | Engrossed
Bill Title: Income tax; administration; filing threshold under corporate income tax; clarify for flow-through entities. Amends sec. 685 of 1967 PA 281 (MCL 206.685).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2011-10-20 - Assigned Pa 0184'11 With Immediate Effect [SB0654 Detail]
Download: Michigan-2011-SB0654-Engrossed.html
SB-0654, As Passed House, October 6, 2011
SENATE BILL No. 654
September 15, 2011, Introduced by Senator BRANDENBURG and referred to the Committee on Finance.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
by amending section 685 (MCL 206.685), as added by 2011 PA 38.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 685. (1) An annual or final return shall be filed with
the department in the form and content prescribed by the department
by the last day of the fourth month after the end of the taxpayer's
tax
year. Any final liability shall be remitted with this return.
by the annual due date of the taxpayer's annual or final return,
excluding any extension of time to file the return as provided
under subsections (2) and (3). A taxpayer, other than a taxpayer
subject to the tax imposed under chapter 12 or 13, whose
apportioned or allocated gross receipts are less than $350,000.00
does not need to file a return or pay the tax imposed under this
part. The apportioned or allocated gross receipts of a flow-through
entity shall be imputed to each of its members based upon the same
percentage that each member's proportionate share of distributive
income is to the total distributive income of the flow-through
entity. A taxpayer whose tax liability under this part is less than
or equal to $100.00 does not need to file a return or pay the tax
imposed under this part.
(2) If a taxpayer has apportioned or allocated gross receipts
for a tax year of less than 12 months, the threshold amount of
$350,000.00 in subsection (1) shall be multiplied by a fraction,
the numerator of which is the number of months in the tax year and
the denominator of which is 12.
(3) (2)
The department, upon application of
the taxpayer and
for good cause shown, may extend the date for filing the annual
return. Interest at the rate under section 23(2) of 1941 PA 122,
MCL 205.23, shall be added to the amount of the tax unpaid for the
period of the extension. The state treasurer shall require with the
application payment of the estimated tax liability unpaid for the
tax period covered by the extension.
(4) (3)
If a taxpayer is granted an
extension of time within
which to file the federal income tax return for any tax year, the
filing of a copy of the request for extension together with a
tentative return and payment of an estimated tax with the
department by the due date provided in subsection (1) shall
automatically extend the due date for the filing of an annual or
final return under this part until the last day of the eighth month
following the original due date of the return. Interest at the rate
under section 23(2) of 1941 PA 122, MCL 205.23, shall be added to
the amount of the tax unpaid for the period of the extension.
Enacting section 1. This amendatory act takes effect January
1, 2012.
