MI HB6574

Allows certain taxpayers with certificated credits to elect filing and paying Michigan Business Tax instead of corporate income tax under part 2 of the Income Tax Act of 1967, effective for tax years after December 31, 2011.

Permits taxpayers who are members of unitary business groups with specific certificated credits (sections 431, 434(2), and (5)) to file separate returns and claim credits individually rather than filing combined unitary returns, subject to employment and investment thresholds.

Establishes a minimum tax liability calculation requiring taxpayers to pay the greater of either their Business Tax liability or their equivalent corporate income tax liability minus applicable certificated credits.

Requires taxpayers electing to file under this act to continue filing annual returns and paying the tax each year until their certificated credits are fully used or extinguished.

Tied to enactment of House Bills 6575, 6576, and 6577 for effectiveness, and applies retroactively to tax years beginning after December 31, 2011.