Title: Changes to Michigan Business Tax Laws
- States that the business tax credit is available to any taxpayer with gross receipts that do not exceed $20 million and whose adjusted income (income minus losses) does not exceed $1.5 million [Sec. 417 (1)]. - Implements a set of limitations that determines how much the tax credit will be reduced according to distributive share size and disqualifies a business if any one partner, shareholder, or member of a limited liability corporation receives a distributive share of more than $250,000 [Sec 417 (1)]. - Allows a taxpayer to claim state entrepreneurial credit equal to 100 percent of tax liability for three years if the following conditions are met [Sec. 441 (1)(a-c)]:
Title: Changes to Michigan Business Tax Laws