SB0937 Summary

• Amends Michigan income tax law (1967 PA 281) sections 703 and 705 regarding withholding and remittance of taxes.

• Allows "qualified persons" whose businesses were negatively impacted by COVID-19 executive orders to defer payment of withheld taxes for March through August 2020 in installments, with final payments due November 20, 2020.

• For monthly filers, defers taxes in 3-6 equal installments depending on the month; for quarterly filers, defers taxes in 2-3 equal installments depending on the quarter.

• Specifies that no penalties or interest are added to deferred taxes; defines "qualified person" as one whose business was closed to the public or involved prohibited assemblages due to COVID-19 orders.

• Takes immediate effect.