MI SB0982

Allows telephone corporations formed under the 1883 Telephone and Messenger Service Act to convert into domestic limited liability companies under the same requirements applied to other business organization conversions under the Michigan Limited Liability Company Act.

Requires converted telephone corporations to be treated as corporations for state income tax filing purposes, unless the entity is disregarded for federal income tax purposes and its regarded owner is treated as a corporation for both state and federal tax purposes.

Defines "business organization" by reference to section 705a of the Michigan Limited Liability Company Act, 1993 PA 23.

Effective immediately upon enactment, conditioned on the simultaneous enactment of Senate Bills 983, 984, and 1050 of the 102nd Legislature.