MI HB4795

Adds requirement for taxpayers to add back "specified outsourcing expenses" as a deduction adjustment to the corporate income tax base, effective for tax years beginning after December 31, 2012.

Defines "specified outsourcing expenses" as eligible trade or business expenses paid for eliminating a trade or business located in Michigan or relocating a Michigan-based trade or business outside the state.

Includes within "eligible expenses" any trade or business expenses deductible under federal tax code plus permit fees, license fees, lease brokerage fees, equipment installation costs, and similar expenses.

Changes reference in section 623(2)(d) from Internal Revenue Code sections 951-964 to sections 951-965 to reflect federal tax law updates.

Removes language "that is" from section 623(5) definition of "oil and gas" subject to Michigan severance tax.