MI SB1104

Exempts persons disbursing qualified charitable gift annuities from income tax withholding requirements on those annuity payments.

Allows flow-through entities to avoid withholding on business income distributions to member corporations if the corporation provides an exemption certificate and agrees to file returns and pay taxes on its distributive share.

Permits the Department of Treasury to revoke exemption certificates if corporations or flow-through entities fail to comply with the terms, with withholding required to resume 60 days after revocation notice.

Exempts flow-through entities from withholding requirements for members that voluntarily elect to file returns and pay taxes under the Michigan business tax act.

Effective immediately upon approval by the Governor on June 25, 2012.