Michigan – Amended returns required for certain financial institutions to report effect of eliminations

Michigan financial institutions are required to report their net capital as a negative number on Michigan Business Tax and Corporate Income Tax returns when certain intercompany eliminations create an equity deficit. The Department is requiring affected taxpayers to file amended returns for the 2008 to 2012 tax years to reflect this negative net capital presentation. Amended returns are required even if the resulting liability or refund is not affected by the changes.

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