MI SB0983

Amends Section 111 of the Michigan Business Tax Act to define "gross receipts" and exclusions from the tax base.

Excludes amounts received from discharge of indebtedness under Internal Revenue Code Section 61(a)(12), including forgiveness of nonrecourse debt, for taxpayers in bankruptcy (Title II cases) or who are insolvent as defined in IRC Section 108.

Maintains existing phased-in exclusions for bad debts, foreign dividends and royalties, sales/use taxes, excise taxes, and various other specified items over 5-year periods from 2008-2012.

Defines key terms including "insurance company," "internal revenue code," "inventory," and "officer" with reference to federal tax law and Michigan statutes.

Applies exclusions from gross receipts calculation to activities in intrastate, interstate, and foreign commerce conducted for direct or indirect gain or benefit to the taxpayer.