MI HB6286

Changes the deadline for flow-through entities to make their initial election to pay business income tax for tax years beginning in 2021 from "the fifteenth day of the fourth calendar month after the effective date" to a fixed date of April 15, 2022.

Modifies the timing requirement for filing elections in subsequent tax years from "the fifteenth day of the third month of that tax year" to "the fifteenth day of the third month of the subsequent tax year."

Revises information reporting requirements for members of flow-through entities to reference "timely filed return for the tax year, including any extension" rather than specific calendar dates for determining when taxes are paid.

Adds new provisions distinguishing between taxes paid on timely filed returns and taxes paid after the original due date, with separate reporting categories for each scenario.

Clarifies that estate and trust beneficiaries must be notified of their allocable share of business income tax in the same tax year the tax is reported to the estate or trust.