SIMPLIFIED SBT FORM



House Bill 6066

Sponsor: Rep. Kirk A. Profit

Committee: Tax Policy


Complete to 9-21-98



A SUMMARY OF HOUSE BILL 6066 AS INTRODUCED 9-16-98


The bill would amend the Single Business Tax Act to require the Department of Treasury to develop a simplified annual return form to be used for a taxpayer who meets all of the following criteria in a tax year:


-- Does not claim a deduction under Section 23 (capital acquisition deduction) and is not required to make an adjustment under Section 23b (tax base adjustment after allocation and apportionment).


-- Has gross receipts of less than $1 million;


-- Has adjusted business income of less than $475,000;


-- Is not a member of a controlled group of companies that files a consolidated return; and


-- Does not add compensation to the tax base (as required in Section 9).


MCL 208.9 and 208.73















Analyst: C. Couch


This analysis was prepared by nonpartisan House staff for use by House members in their deliberations, and does not constitute an official statement of legislative intent.