MI HB5548

Amends the Michigan Business Tax Act's definition of "gross receipts" to exclude receipts from administration of antineoplastic drugs, cancer chemotherapy, biological monitoring, therapeutic agents, and supportive drugs by prescribers to individuals diagnosed with cancer or blood disorders, effective for tax years beginning January 1, 2010.

Establishes a 5-year phase-in period (2008-2012) for excluding bad debt deductions from gross receipts, starting at 50% in 2008 and reaching 100% in 2012, with various other exclusions phased in at different rates.

Excludes numerous categories of receipts from gross receipts calculation including agent-collected amounts, insurance proceeds, investment income, certain government-imposed taxes and fees, and receipts from pass-through entities.

Provides special treatment for specific industries including sales finance companies, brokers/dealers, mortgage companies, and professional employer organizations regarding treatment of principal repayments and cost reimbursements.

Establishes that "internal revenue code" means the U.S. Internal Revenue Code in effect January 1, 2008, or at taxpayer's option, the code in effect for the tax year.