Michigan Income / Franchise Tax: New law allows continued "spun off" sales factor apportionment election for certain financial institutions
S.B. 671, signed by gov 12/10/09. Effective immediately, new law provides that a taxpayer that restructures as a "financial institution" on or after January 1, 2008, and that prior to that restructuring qualified to apportion its Michigan business tax base pursuant to the State's alternative statutory "spun off" sales factor calculation, may elect to continue using this same "spun off" sales factor apportionment method to calculate its Michigan business tax liability.
URL:
http://www.legislature.mi.gov/documents/2009-2010/publicact/pdf/2009-PA-0157.pdf
