Multistate Tax Alert: Michigan Law ChangePermits corporations to seek an exemption from flow-through entity withholding of corporate income tax and amends the due dates |
As originally enacted, the Michigan Corporate Income Tax (“CIT”), effective January 1, 2012, generally required that a flow-through entity withhold tax (at the 6% CIT tax rate) relative to a corporate partner’s/member’s share of apportioned business income. On June 28, 2012, Senate Bill 1104 was enacted, amending Michigan’s CIT law to permit a corporation to seek an exemption from this withholding requirement. The new law also amends the due dates for quarterly withholding.
For more on these Michigan law changes, please see the attached Tax Alert.
Multistate Tax Alert: Michigan Law change
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