MI HB6575

Amends Section 680 of the 1967 Income Tax Act to allow taxpayers with unapplied certificated credits under the Michigan Business Tax Act (sections 431, 435, or 437) to elect to file under the Michigan Business Tax Act instead of the income tax for applicable tax years.

Permits taxpayers with certificated credits not fully claimed before January 1, 2012 to elect Michigan Business Tax Act treatment for their first tax year ending after December 31, 2011.

Allows taxpayers in unitary business groups holding certificated credits under sections 431 and 434 to file separate returns under the Michigan Business Tax Act rather than combined returns.

Extends election rights to acquiring taxpayers who obtain certificated credits through acquisition of assets or liabilities from another entity, allowing one-year election to pay Michigan Business Tax Act taxes in lieu of income tax.

Effective retroactively for tax years beginning after December 31, 2011, contingent upon passage of House Bills 6574, 6576, and 6577.