Michigan Free Printable 4572, 2016 Michigan Business Tax Charitable Contribution Credits for 2017 Michigan Charitable Contribution Credits

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Charitable Contribution Credits
4572, 2016 Michigan Business Tax Charitable Contribution Credits

Attachment 10 Michigan Department of Treasury 4572 (Rev. 04-16), Page 1 2016 MICHIGAN Business Tax Charitable Contribution Credits Issued under authority of Public Act 36 of 2007. Taxpayer Name Federal Employer Identification Number (FEIN) or TR Number 1. 00 2. Enter Community and/or Education Foundation Code(s) (see instructions) ........ 2. 3. Community and Education Foundations donation amount .......................................................................... 4. Multiply line 3 by 50% (0.50) ....................................................................................................................... 3. 4. 00 00 5. Community and Education Foundations Credit. Enter the lesser of line 4, $5,000, or 5% (0.05) of the tax on Form 4567, line 53. Carry amount to Form 4568, line 10 .......................................................... 5. 00 6. Tax After Community and Education Foundations Credit. Subtract line 5 from line 1. If less than zero, enter zero ................................................................................................................................................... 6. 00 If not claiming the Homeless Shelter/Food Bank Credit, carry amount from line 6 to line 10. 7. Homeless Shelter/Food Bank cash donation amount ................................................................................. 8. Multiply line 7 by 50% (0.50) ....................................................................................................................... 7. 8. 00 00 9. Homeless Shelter/Food Bank Credit. Enter the lesser of line 8, $5,000, or 5% (0.05) of the tax on Form 4567, line 53. Carry amount to Form 4568, line 11 ........................................................................... 9. 00 10. Tax After Homeless Shelter/Food Bank Credit. Subtract line 9 from line 6. If less than zero, enter zero. (This line must be equal to Form 4568, line 12.) ......................................................................................... 10. 00 If not claiming the Public Contribution Credit, complete line 11 and carry amount to line 15. 11. Enter tax amount from Form 4568, line 16 .................................................................................................. 12. Public Contribution donation amount........................................................................................................... 13. Multiply line 12 by 50% (0.50) ..................................................................................................................... 11. 12. 13. 00 00 00 14. Public Contribution Credit. Enter the lesser of line 13, $5,000, or 5% (0.05) of line 11. Carry amount to Form 4568, line 17 ............................................................................................................ 15. Tax After Public Contribution Credit. Subtract line 14 from line 11. If less than zero, enter zero................ 14. 15. 00 00 If not claiming the Arts and Culture Credit, carry amount from line 15 to line 20. 16. Arts and Culture donation amount (see instructions) .................................................................................. 17. Qualified donation amount. Subtract $50,000 from line 16. If less than zero, enter zero ............................ 18. Multiply line 17 by 50% (0.50) ..................................................................................................................... 16. 17. 18. 00 00 00 19. Arts and Culture Credit. Enter the lesser of line 18, $100,000, or the tax from line 15. Carry amount to Form 4568, line 18 ............................................................................................................ 19. 00 20. 00 1. Tax liability prior to this credit from Form 4568, line 9 ................................................................................. COMMUNITY AND EDUCATION FOUNDATIONS CREDIT If not claiming the Community or Education Foundations Credit, carry amount from line 1 to line 6. Code 1 Code 2 HOMELESS SHELTER/FOOD BANK CREDIT PUBLIC CONTRIBUTION CREDIT ARTS AND CULTURE CREDIT 20. + Tax After Arts and Culture Credit. Subtract line 19 from line 15. If less than zero, enter zero. (This line must be equal to Form 4568, line 19.) ......................................................................................... 0000 2016 31 01 27 2 Instructions for Form 4572 Michigan Business Tax (MBT) Charitable Contribution Credits Purpose To allow standard taxpayers to claim the charitable contribution credits. Credits are calculated here and then carried to the MBT Nonrefundable Credits Summary (Form 4568). Note: Financial institutions and insurance companies are not eligible for these credits. Note: Beginning January 1, 2012, only those taxpayers with a certificated credit, which is awarded but not yet fully claimed or utilized, may elect to be MBT taxpayers. If a taxpayer files an MBT return and claims a certificated credit, the taxpayer makes the election to file and pay under the MBT until the certificated credit and any carryforward of that credit are exhausted. A taxpayer making a valid certificated credit election may also claim the credits on this form. Special Instructions for Unitary Business Groups Credits are generally earned and calculated on a group basis, unless the relevant statute contains entity-specific provisions. These credits, including the ceilings on these credits, are calculated on a group basis. Complete one Form 4572 for the group. Line-by-Line Instructions Lines not listed are explained on the form. Name and Account Number: Enter name and account number as reported on page 1 of the MBT Annual Return (Form 4567). Credits COMMUNITY AND EDUCATION FOUNDATIONS CREDIT A partial credit is allowed when donating to the endowment fund of a certified community foundation or education foundation. A list of certified foundations, if applicable, will be posted as a Revenue Administrative Bulletin found online at www.michigan.gov/treasury under “Reports and Legal Resources.” If a valid code is not entered, a credit will not be allowed. If donations were made to more than two foundations, attach a list referencing the additional foundations. HOMELESS SHELTER/FOOD BANK CREDIT A partial credit is allowed when making a cash donation to a qualifying shelter for homeless persons, food kitchen, food bank, or other entity whose primary purpose is to provide overnight accommodations, food, or meals to indigent persons. For more information, see Michigan Compiled Law 208.1427, found online at www.legislature.mi.gov. For a donation that qualifies for this credit, a taxpayer that also is subject to the Michigan Income Tax Act (PA 281 of 1967) may choose to claim a credit on the Individual Income Tax return or the MBT return, but not both. PUBLIC CONTRIBUTION CREDIT A partial credit is allowed for Corporations and Partnerships (and Limited Liability Companies federally taxed as such) when donations are made during the taxable year to public broadcast stations located in Michigan, Michigan public libraries, institutions of higher learning located in Michigan or a nonprofit corporation, fund, foundation, trust, or association organized and operated exclusively for the benefit of an institution of higher learning, the Michigan Colleges Foundation, and the Michigan Housing and Community Development Fund. A taxpayer that also is subject to the Michigan Income Tax Act (PA 281 of 1967) may not claim this credit under the MBT. ARTS AND CULTURE CREDIT A partial credit is allowed when donations are made to either of the following: • Category A: A municipality or a nonprofit corporation affiliated with a municipality and an art, historical, or zoological institute for the purpose of benefiting the art, historical, or zoological institute, OR • Category B: An institute devoted to the procurement, care, study, and display of objects of lasting interest or value. To calculate the Arts and Culture Credit, a taxpayer may count aggregate contributions to the charities described in Category A above if those contributions exceed $50,000, as well as aggregate contributions to charities described in Category B if those contributions exceed $50,000. A taxpayer is not precluded from taking the credit for donations made to both categories as long as the taxpayer meets the minimum donation separately for each category and does not exceed the overall credit limitation of $100,000. Contributions within a category may be aggregated to reach the $50,000 minimum. However, contributions made to one category may not be aggregated with contributions to the other to reach the $50,000 minimum. Line 16: Use the worksheet below to calculate the donation amount. If aggregate contributions to Category A institutions exceed $50,000, enter that aggregate amount here If aggregate contributions to Category B institutions exceed $50,000, enter that aggregate amount here + = TOTAL Arts and Culture donation amount ................. Include completed Form 4572 as part of the tax return filing.
Extracted from PDF file 2016-michigan-form-4572.pdf, last modified December 2016

More about the Michigan Form 4572 Corporate Income Tax Tax Credit TY 2016

We last updated the Charitable Contribution Credits in February 2017, so this is the latest version of Form 4572, fully updated for tax year 2016. You can download or print current or past-year PDFs of Form 4572 directly from TaxFormFinder. You can print other Michigan tax forms here.

Other Michigan Corporate Income Tax Forms:

TaxFormFinder has an additional 97 Michigan income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 4884 Pension Schedule
Form MI W-4P Withholding Certificate for Michigan Pension or Annuity Payments
Form 5049 Worksheet for Married, Filing Separately and Divorced 5049
Form 777 Michigan Resident Credit for Tax Imposed by a Canadian Province
Form 4891 CIT Annual Return

Download all MI tax forms View all 98 Michigan Income Tax Forms


Form Sources:

Michigan usually releases forms for the current tax year between January and April. We last updated Michigan Form 4572 from the Department of Treasury in February 2017.

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Form 4572 is a Michigan Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Michigan Form 4572

We have a total of six past-year versions of Form 4572 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2016 Form 4572

4572, 2016 Michigan Business Tax Charitable Contribution Credits

Michigan Business Tax 2011 Form 4572

Form 4572, 2011 Michigan Business Tax Charitable Contribution Credits


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