MI SB0155

Modifies the definition of "gross receipts" under the Michigan Business Tax to clarify exclusions for bad debts, agent transactions, and various pass-through entities, with phase-in periods extending from 2008 through 2012.

Expands the list of excluded items from gross receipts to include discharge of indebtedness, dividends and royalties from foreign entities (phased in over 5 years), and excludes investment company receipts.

Amends Section 403 to clarify that credits under that section and Section 405 must be taken before unused carryforward credits and increases credit limits for 2008 (50%) and 2009+ (52%) of tax liability.

Modifies "purchases from other firms" definition in Section 113 to include self-constructed assets and add deductions for certain professional services, construction subcontracts, and film rental payments.

Clarifies Section 511 requirements for unitary business group combined returns to eliminate intercompany transactions and specifies that foreign operating entities are excluded from combined return filing requirements.