SB-0091, As Passed Senate, February 5, 2009
January 27, 2009, Introduced by Senator CASSIS and referred to the Committee on Finance.
A bill to amend 2007 PA 36, entitled
"Michigan business tax act,"
by amending section 503 (MCL 208.1503).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 503. If a taxpayer's tax year to which this act applies
ends before December 31, 2008 or if a taxpayer's first tax year is
less than 12 months, then for the 2008 tax year a taxpayer subject
to this act may elect to compute the tax imposed by this act for
the portion of that tax year to which this act applies or that
first tax year in accordance with 1 of the following methods:
(a) The tax may be computed as if this act were effective on
the first day of the taxpayer's annual accounting period and the
amount computed shall be multiplied by a fraction, the numerator of
which is the number of months in the taxpayer's annual accounting
period that fall within the 2008 calendar year or the number of
months in the taxpayer's first tax year that fall within the 2008
calendar
year and the denominator of which is 12
the number of
months in the taxpayer's annual accounting period.
(b) The tax may be computed by determining the business income
tax base and modified gross receipts tax base in the first tax year
in accordance with an accounting method satisfactory to the
department that reflects the actual business income tax base and
modified gross receipts tax base attributable to the period.
Enacting section 1. This amendatory act is retroactive and
effective for the 2008 tax year.