MI SB1162

Allows taxpayers with unapplied certificated credits under the Michigan Business Tax Act (sections 431, 432, 435, or 437) to elect to file returns under the Michigan Business Tax Act instead of the Income Tax Act for their first tax year ending after December 31, 2011.

Permits taxpayers with certificated credits under sections 435 or 437 of the Michigan Business Tax Act to elect to pay business tax in the year that credit or carryforward may be claimed instead of income tax.

Allows members of unitary business groups holding certificated credits under sections 431 and 434(2) to file separate returns and pay business tax instead of filing combined returns.

Enables acquiring taxpayers that obtain certificated credits through reorganization or merger to elect business tax treatment for the first tax year after acquisition if the predecessor paid business tax after 2011.

Applies retroactively to tax years beginning after December 31, 2011, contingent on enactment of House Bill No. 5558.