HB 5718 Summary

• Adds a new subsection (8) to Section 24 waiving all interest and penalties for individual and city income tax returns originally due April 15 or April 30, 2020 that are filed or remitted by July 15 or July 31, 2020 respectively, in accordance with Executive Order No. 2020-26.

• Provides that any remaining unpaid balances will not accrue penalties and interest until July 16, 2020 (for April 15 deadline) or August 1, 2020 (for April 30 deadline).

• Adds subsection (8) to Section 30 specifying that for 2019 tax year returns only, interest accrues 45 days after the refund claim is filed or 45 days after July 15 or July 31, 2020, whichever is later, and that the enhanced interest provisions in subsections (4) and (5) do not apply.

• Updates references in Section 24 and 30 from MCL 206.532 to MCL 206.713 to reflect changes in the income tax act of 1967.

• Takes effect only upon enactment of HB 5716 and HB 5717.