MI SB0248

Establishes Chapter 18 to govern reporting and payment of federal adjustments arising from partnership level audits and administrative adjustment requests for tax years beginning January 1, 2018 or later.

Requires partnerships to report final federal adjustments to the Department of Treasury within 90 days of the final determination date and report each direct partner's distributive share within the same timeframe.

Allows audited partnerships to elect an alternative method whereby the partnership pays taxes on behalf of its partners in lieu of individual partner reporting, with payments due within 180 days of final determination date.

Defines "final determination date" based on when federal adjustments become final through IRS agreement, decision, or amended return filing, including special provisions for unitary business groups and administrative adjustment requests.

Provides assessment and refund rights with a 6-year limitations period for assessments if the partnership fails to timely file the required federal adjustments report, and allows partnerships to claim refunds within 2 years of the final determination date.