MI HB5543

Requires sellers of businesses to make final tax returns within 15 days and allows purchasers to obtain known tax liability information from the department with the owner's written waiver of confidentiality to establish escrow accounts.

Limits purchaser personal liability for unpaid taxes to the fair market value of the business minus proceeds applied to superior secured interests if escrow requirements are not met.

Clarifies that filing a return includes filing combined, consolidated, or composite returns whether or not any tax was paid and whether or not any amount was reported in the tax line, retroactively effective for all open tax years under the statute of limitations.

Establishes that the statute of limitations for assessing deficiencies, interest, or penalties is 4 years from the later of the return due date or actual filing date, with suspensions during federal or state tax litigation and for fraudulent concealment cases within 2 years of discovery.

Exempts certain taxpayers filing under former 1975 PA 228 from assessment on disregarded entities and investment income not derived from their regular trade or business activities.