MI HB5332

Allows taxpayers with certain certificated credits under the Michigan Business Tax Act (2007 PA 36) to elect to file returns and pay taxes under that act instead of the Income Tax Act for specific tax years.

Permits taxpayers with certificated credits that may be claimed in tax years ending after December 31, 2011 to elect payment under the Michigan Business Tax Act in the year the credit or carryforward may be claimed.

Exempts unitary business group members with certificated credits under sections 431 and 434(2) and (5) of the Michigan Business Tax Act from mandatory combined return filing and allows separate return elections.

Eliminates the requirement for taxpayers electing to pay under the Michigan Business Tax Act to file annual returns under the Income Tax Act.

Takes effect immediately upon Governor's approval on March 29, 2012.