MI HB4456

Imposes a corporate income tax of 6.0% on taxpayers with business activity in Michigan or ownership interest in flow-through entities conducting business in the state.

Requires taxpayers to add back "specified outsourcing expenses" deducted in federal taxable income, defined as eligible expenses attributable to eliminating or relocating trades or businesses previously located in Michigan to locations outside the state.

Allows exceptions to the outsourcing expense add-back if the taxpayer demonstrates a nontax business purpose, arm's-length pricing, and meets one of four conditions: pass-through transactions, no double taxation, state treasurer determines it reasonable, or the related person is in a foreign nation with a comprehensive income tax treaty with the U.S.

Permits deduction of available business losses incurred after December 31, 2011, with losses carried forward up to 10 years following the loss year.

Eliminates from taxable income all oil and gas production income and related expenses for tax years beginning after December 31, 2011, and mineral income and related expenses for qualified taxpayers after December 31, 2012.