MI HB4760

Establishes 3% per annum interest on Michigan income tax refunds not paid by May 1 for returns received by March 1, or within 60 days for returns received after March 1, effective January 1, 2014.

Requires 3% per annum interest on Michigan business tax refunds not paid within 90 days of claim approval or the filing deadline, whichever is later, effective January 1, 2015.

Limits additional interest eligibility to timely filed original returns that are not adjusted by the department, are complete with no errors, and meet all documentation requirements.

Excludes refunds subject to interception, filed by unitary business groups, or involving taxpayer non-compliance with department information requests from additional interest provisions.

Sets minimum refund thresholds of $1.00 for income tax and $10.00 for business tax to qualify for additional interest payments.