MI HB4879

Updates the Internal Revenue Code reference date from January 1, 2018 to January 1, 2021 in sections 12 and 607, allowing taxpayers to elect to use the IRC in effect for their tax year

Modifies section 623(2)(c) to allow deduction of carryback losses arising in 2018, 2019, and 2020 as provided under section 172(b)(1)(D) of the Internal Revenue Code

Changes section 623(2)(d) to reference IRC sections 951 to 965 instead of 951 to 964 regarding dividends and royalties from foreign sources

Removes date restrictions from section 623(2)(g) and (h) to make permanent the elimination of oil and gas production income/expenses and mineral income/expenses for qualified taxpayers, rather than limiting these provisions to specific tax years

Maintains the 6.0% corporate income tax rate and existing business income adjustments for unitary business groups and related-party transaction limitations