MI HB5047

Amends Section 607 of the Michigan Corporate Income Tax Act to define key tax terms including "federal taxable income," "flow-through entity," "foreign operating entity," and "gross receipts."

Redefines "insurance company" to exclude health maintenance organizations (HMOs) authorized under the insurance code, affecting which entities are subject to corporate income tax.

Specifies that "gross receipts" exclude numerous categories including agency collections, capital gains on property sales, loan proceeds, insurance proceeds, equity and debt issuances, and returned merchandise refunds.

Effective retroactively for tax years beginning on and after January 1, 2016.

Contingent on enactment of House Bill No. 4950 of the 99th Legislature.