On May 12, 2011, the Michigan Legislature gave approval to a three-bill tax package that would replace the Michigan Business Tax (MBT) with a 6 percent corporate income tax, effective January 1, 2012, and make other changes. The MBT would be repealed except for taxpayers electing to claim "certificated" credits under the MBT until those credits are exhausted. In addition, the legislature approved a measure that would bar taxpayers from apportioning income under the Multistate Tax Compact, effective January 1, 2011. [H.B. 4361
, H.B. 4362
, H.B. 4479
, approved in Legislature 5/12/2011] Note.
A complete summary of the legislation will be forthcoming.