MI HB5558

Amends Michigan Business Tax Act to allow taxpayers with certificated credits under sections 435 or 437 to elect to pay tax under the Business Tax Act instead of the income tax imposed under Part 2 of the Income Tax Act of 1967.

Expands the definition of "taxpayer" to include persons or unitary business groups that acquire by merger all rights and liabilities of another person with certificated credits, provided the surviving entity elected under section 680(5) of the Income Tax Act to file under the Business Tax Act.

Allows certain members of unitary business groups with certificated credits under sections 431 and 434(2) and (5) to file separate returns and claim credits, subject to a maximum of $25,000,000 per year for no more than 3 years and a requirement to create 100 additional new jobs (400 total jobs) related to integrated battery cells and components.

Requires taxpayers who elect to file under the Business Tax Act for certificated credits to continue filing and paying the tax annually until the credit and any carryforwards are exhausted; exempts unitary business group members from filing combined returns in specified circumstances.

Makes the amendments retroactive and effective for tax years beginning after December 31, 2011, conditioned on the enactment of House Bill 5557.