MI HB4324

Removes the requirement that federal taxable income be calculated as if Internal Revenue Code sections 168(k) (bonus depreciation) and 199 (domestic production activities deduction) were not in effect.

Updates the reference date for which version of the Internal Revenue Code applies from January 1, 2018 to January 1, 2022, with taxpayers having the option to use the IRC in effect for their tax year.

Corrects an internal revenue code citation in the definition of "foreign operating entity" from section 861(c)(1)(B) to section 871(l)(1)(B)(ii).

Takes effect January 1, 2022 and applies to tax years beginning on or after December 31, 2021.