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Michigan Schedule of Certificated Credits
Extracted from PDF file 2022-michigan-form-4947.pdf, last modified January 2023Schedule of Certificated Credits
Attachment 29 Michigan Department of Treasury 4947 (Rev. 04-22) 2022 MICHIGAN Schedule of Certificated Credits Issued under authority of Public Act 38 of 2011. Taxpayer Name (print or type) Federal Employer Identification Number (FEIN) PART 1: CERTIFICATED NONREFUNDABLE CREDITS This credit has expired. Leave this line blank and skip to line 2........................................................................ Eligible Renaissance Zone Credit (see instructions) ......................................................................................... Historic Preservation Credit Net of Recapture from Form 4568, line 22 ........................................................... MEGA Federal Contracts Credit from Form 4568, line 28................................................................................. Brownfield Redevelopment Credit from Form 4568, line 32.............................................................................. Film Infrastructure Credit from Form 4568, line 35............................................................................................ MEGA Plug-In Traction Battery Manufacturing Credit from Form 4568, line 36 ................................................ Anchor Company Payroll Credit from Form 4568, line 37 ................................................................................. Anchor Company Taxable Value Credit from Form 4568, line 38...................................................................... MEGA Poly-Silicon Energy Cost Credit and Miscellaneous MEGA Battery Credits from Form 4568, line 39... 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. X X X X X X X X X 00 11. Certificated Nonrefundable Credits for CIT. Add lines 2 through 10 and carry to Form 4946, line 30, or Form 4975, line 8 ......................................................................................................................................... 11. 00 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 00 00 00 00 00 00 00 00 00 PART 2: RECAPTURE OF CERTAIN BUSINESS TAX CREDITS — Amount may not be less than zero. See instructions. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. Recapture of MBT Investment Tax Credit (see instructions) ............................................................................. Recapture of Single Business Tax (SBT) Investment Tax Credit from Form 4585, line 7 ................................. This recapture has expired. Leave this line blank and skip to line 15 ............................................................... Recapture of MBT MEGA Employment Tax Credit from Form 4587, line 2a..................................................... This recapture has expired. Leave this line blank and skip to line 19 ............................................................... This recapture has expired. Leave this line blank and skip to line 19 ............................................................... This recapture has expired. Leave this line blank and skip to line 19 ............................................................... Recapture of MEGA Federal Contract Credit from Form 4587, line 4 ............................................................... Recapture of MEGA Photovoltaic Technology Credit from Form 4587, line 5 ................................................... This recapture has expired. Leave this line blank and skip to line 22 ............................................................... Recapture of MBT Brownfield Redevelopment Credit from Form 4587, line 7.................................................. Recapture of Film Infrastructure Credit from Form 4587, line 8f ....................................................................... Recapture of Anchor Company Payroll Credit from Form 4587, line 9.............................................................. Recapture of Anchor Company Taxable Value Credit from Form 4587, line 10 ................................................ Recapture of Miscellaneous MEGA Battery Credits from Form 4587, line 12a................................................. Recapture of Start-Up Business Credit from Form 4573, line 8 ........................................................................ 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. Total Recapture of Certain Business Tax Credits for CIT. Add lines 12, 13, 15, 19, 20 and 22 through 27, and carry to Form 4946, line 32, or Form 4975, line 10 .................................................................................... 28. XXXXXXXXX XXXXXXXXX XXXXXXXXX XXXXXXXXX XXXXXXXXX 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 PART 3: CERTIFICATED REFUNDABLE CREDITS — Amount may not be less than zero. See instructions. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. MEGA Employment Tax Credit from Form 4574, line 12................................................................................... This credit is no longer available. Leave this line blank and skip to line 31 ...................................................... Farmland Preservation Credit from Form 4574, line 15 .................................................................................... MEGA Federal Contract Credit from Form 4574, line 16................................................................................... MEGA Photovoltaic Technology Credit from Form 4574, line 17....................................................................... Film Production Credit from Form 4574, line 18................................................................................................ This credit is no longer available. Leave this line blank and skip to line 36 ...................................................... Anchor Company Payroll Credit from Form 4574, line 20 ................................................................................. Anchor Company Taxable Value Credit from Form 4574, line 21...................................................................... MEGA Poly-Silicon Energy Cost Credit and Miscellaneous MEGA Battery Credits from Form 4574, line 22... 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. Certificated Refundable Credits. Add lines 29, 31 through 34, and 36 through 38, and carry to Form 4946, line 34, or Form 4975, line 12............................................................................................................................ 39. + 0000 2022 58 01 27 3 00 X X X X X X X X X 00 00 00 00 00 X X X X X X X X X 00 00 00 00 00 Instructions for Form 4947 Schedule of Certificated Credits Purpose To allow qualified taxpayers that elect to file Michigan Business Tax (MBT) for tax years ending after 2011 to identify their certificated credits and recapture of certain tax credits. These amounts will be used in calculating the pro forma Corporate Income Tax (CIT) liability on the Schedule of CIT Liability for a MBT Filer (Form 4946), which is a required element in calculating MBT liability for tax years ending after 2011. NOTE: Only a limited number of credits and recaptures listed on this form apply to financial institutions or insurance companies. Credits and recaptures applicable to financial institutions are identified in the instructions of the forms from which figures on this form originate. A credit or recapture should not be reported on Form 4947 if it is not reported on one of the following forms: • Nonrefundable Credits Summary (Form 4568) • Credits for Compensation, Investment, and Research and Development (Form 4570) • Miscellaneous Nonrefundable Credits (Form 4573) • Refundable Credits (Form 4574) • Investment Tax Credit Recapture From Sale of Assets Acquired Under Single Business Tax (Form 4585) • Schedule of Recapture of Certain Business Tax Credits (Form 4587) • Renaissance Zone Credit Schedule (Form 4595). NOTE for Insurance Companies: Insurance Companies calculate certificated credits separately on the Miscellaneous Credits for Insurance Companies (Form 4596) and the Schedule of Corporate Income Tax Liability for a Michigan Business Tax Insurance Filer (Form 4974). 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 applicable MBT annual return (either MBT Annual Return (Form 4567) for standard taxpayers, MBT Annual Return for Financial Institutions (Form 4590), or Insurance Company Annual Return for Michigan Business and Retaliatory Taxes (Form 4588). determine which Renaissance Zone credits are certificated. A certificated Renaissance Zone credit will be identified by the checkbox on line 2 of Form 4595. Only a credit of that type may be reported on this line. Enter credit amount from Form 4595, line 25b, for which certificated status is properly claimed on Form 4595, line 2. If a taxpayer has activity in more than one certificated Renaissance Zone, a separate Form 4595 will be filed for each Zone. In that case, report here the combined total of credits claimed on all Forms 4595, line 25b, for which certificated status is properly claimed on Form 4595, line 2. DO NOT use the Renaissance Zone credit amount from Form 4573 or Form 4596 to complete this form. Line 3: An Historic Preservation Credit may be classified as refundable or nonrefundable, depending upon an election made by the taxpayer. Use this line only to report an Historic Preservation Credit that is properly classified as nonrefundable. If a refundable historic preservation credit was claimed as an accelerated credit on the Request for Accelerated Payment for the Brownfield Redevelopment Credit and the Historic Preservation Credit (Form 4889), that credit amount is not reported on this form. Standard taxpayers and financial institutions use the Historic Preservation Credit Net of Recapture amount as reported on Form 4568, line 22. Line 4: A MEGA Federal Contracts Credit may be classified as refundable or nonrefundable, depending upon an election made by the taxpayer. Use this line only to report a MEGA Federal Contracts Credit that is properly classified as nonrefundable, and reported on Form 4568. Line 5: A Brownfield Redevelopment Credit may be classified as refundable or nonrefundable, depending upon an election made by the taxpayer. Use this line only to report a Brownfield Redevelopment Credit that is properly classified as nonrefundable. If a refundable Brownfield credit was claimed as an accelerated credit on Form 4889, that credit amount is not reported on this form. Standard taxpayers and financial institutions use the Brownfield Redevelopment Credit amount as reported on Form 4568, line 32 Line 6: Standard taxpayers and financial institutions use the amount from Form 4568, line 35. UBGs: Complete one form for the group. Enter designated member’s name and account number. To the extent that credits are calculated on a pro-forma, member level basis on the 4568, 4595, or 4574, enter the total credit amount for the group on this form. Line 7: For tax years ending after December 31, 2014, the MEGA Plug-In Traction Battery Manufacturing Credit is no longer available. However, unused credit carryforward from the immediately preceding tax year may still be claimed, if available. PART 1: Certificated Nonrefundable Credits If not taking any credits in Part 1, skip to Part 2. Line 8: An Anchor Company Payroll Credit may be classified as refundable or nonrefundable, depending upon an election made by the taxpayer. Use this line only to report an Anchor Company Payroll Credit that is properly classified as nonrefundable, and reported on Form 4568. Line 2: Not all Renaissance Zone credits are certificated credits to be reported on this form. See special instructions on the MBT Renaissance Zone Credit Schedule (Form 4595) to Line 9: An Anchor Company Taxable Value Credit may be 41 classified as refundable or nonrefundable, depending upon an election made by the taxpayer. Use this line only to report an Anchor Company Taxable Value Credit that is properly classified as nonrefundable, and reported on Form 4568. Line 10: A MEGA Poly-Silicon Energy Cost Credit may be classified as refundable or nonrefundable, depending upon an election made by the taxpayer. Use this line only to report a MEGA Poly-Silicon Energy Cost Credit that is properly classified as nonrefundable, and reported on Form 4568. PART 2: Recapture of Certain Business Tax Credits If not reporting any recaptures in Part 2, skip to Part 3. Line 12: See the section “Calculation of MBT ITC Credit Recapture Amount” later in these instructions. Line 13: UBGs: In a UBG, a separate copy of Form 4585 is filed for each member that has activity reportable on that form. If the return includes multiple copies of Form 4585, report here the combined total of recapture reported on all Forms 4585, line 7. PART 3: Certificated Refundable Credits Line 29: Standard taxpayers and financial institutions use the MEGA Employment Tax Credit amount as reported on Form 4574, line 12. Line 30: This credit cannot be claimed for a tax period ending in 2016 or later. Line 32: A MEGA Federal Contracts Credit may be classified as refundable or nonrefundable, depending upon an election made by the taxpayer. Use this line only to report a MEGA Federal Contracts Credit that is properly classified as refundable, and reported on Form 4574, line 16. Line 33: Standard taxpayers and financial institutions use the MEGA Photovoltaic Technology Credit amount as reported on Form 4574, line 17. Line 34: Standard taxpayers and financial institutions use the Film Production Credit amount as reported on Form 4574, line 18. Line 35: The MEGA Plug-In Traction Battery Manufacturing Credit is no longer available as a newly arising credit. Line 7 of this form will continue to be used to claim an unused credit carryforward from the immediately preceding tax year. Line 36: An Anchor Company Payroll Credit may be classified as refundable or nonrefundable, depending upon an election made by the taxpayer. Use this line only to report an Anchor Company Payroll Credit that is properly classified as refundable, and reported on Form 4574, line 20. Line 37: An Anchor Company Taxable Value Credit may be classified as refundable or nonrefundable, depending upon an election made by the taxpayer. Use this line only to report an Anchor Company Taxable Value Credit that is properly classified as refundable, and reported on Form 4574, line 21. Line 38: A MEGA Poly-Silicon Energy Cost Credit and the 42 Miscellaneous MEGA Battery Credits may be classified as refundable or nonrefundable, depending upon an election made by the taxpayer in the year the credit arises. Use this line to report a MEGA Poly-Silicon Energy Cost Credit and/ or any Miscellaneous MEGA Battery Credits that are properly classified as refundable and reported on Form 4574, line 22. Calculation of MBT ITC Credit Recapture Amount Calculation of MBT ITC Credit Recapture Bases For each category of asset disposed (or moved out of Michigan) that triggers an MBT ITC credit recapture, enter the information requested below. In each category of disposed/moved asset, group assets by taxable year in which they were acquired. All events that have varying dates must be listed separately. Multiple dispositions (or transfers) may be combined as one entry, subject to the following: all combined events must satisfy the terms of the table in which they are entered. “Taxable Year in which disposed assets were acquired” must be the same for all events combined on a single line. UBGs: If capital asset subject to recapture is from a member that was not part of the group in the tax year the asset was acquired, make a separate line entry for the tax year the member filed outside of the group. Take care to report on this line information requested in each column only from the member’s single filings, not the group’s. NOTE: A sale of qualifying property reported on the installment method for federal income tax purposes causes a recapture based upon the entire sale price in the year of the sale. The recapture is reduced by any gain reported in federal taxable income (as defined for MBT purposes) in the year of the sale. The gain attributable to the installment sale that is reported in subsequent years increases the credit base (or reduces other sources of recapture) for those years, and must be reported on column C of the appropriate Worksheet based on the type of asset. For property placed in service prior to January 1, 2008, gain reflected in federal taxable income (as defined for MBT purposes) is equal to the gain reported for federal purposes. UBGs: The recapture of capital investments for UBGs is calculated on combined assets of standard members of the UBG. Assets transferred between members of the group are not a capital investment in qualifying assets for purposes of calculating this credit or its recapture. Disposing of or transferring an asset outside of the UBG triggers recapture. Also, moving an asset outside of Michigan creates recapture, even if the transfer is to a member of the UBG. Worksheet 1a — Depreciable Tangible Assets Enter all dispositions of depreciable tangible assets located in Michigan that were acquired or moved into Michigan after acquisition in a tax year beginning after 2007 and were sold or otherwise disposed of during the current filing period. Give all information required for each disposition in columns A through F. In column A, enter the taxable year in which the disposed assets were acquired. Enter combined gross sales price (net of costs of sale) in column B, and in column C, enter total gain or loss included in calculating federal taxable income (as defined for MBT purposes). NOTE: Sales price includes any benefit derived from the sale. Worksheet 1b — Depreciable Mobile Tangible Assets Enter all dispositions of depreciable mobile tangible assets that were acquired after 2007 and were sold or otherwise disposed of during the current filing period. Give all information required for each disposition in columns A through F. In column A, enter Worksheet 1a — Depreciable Tangible Assets A Taxable Year (End Date) In Which Disposed Assets Were Acquired (MM-DD-YYYY) B C Combined Sales Price of Disposed Assets by Year of Acquisition Net Gain/Loss From Sale of Assets D CIT Apportionment Percentage from Form 4891, line 9g, or Form 4908, line 9c E Apportioned Gain/Loss Multiply Column C by Column D F MBT ITC Recapture (Base 1) Subtract Column E From Column B Worksheet 1b — Depreciable Mobile Tangible Assets A B C Taxable Year (End Date) Combined Sales Price of In Which Disposed Disposed Assets by Assets Were Acquired Year of Acquisition (MM-DD-YYYY) Net Gain/Loss From Sale of Assets D Adjusted Proceeds Subtract Column C From Column B E CIT Apportionment Percentage from Form 4891, line 9g, or Form 4908, line 9c F MBT ITC Recapture (Base 2) Multiply Column D by Column E Worksheet 1c — Assets Transferred Outside Michigan A Taxable Year (End Date) In Which Disposed Assets Were Acquired (MM-DD-YYYY) B MBT ITC Recapture Combined Adjusted Federal Basis of Disposed Assets by Year of Acquisition (Base 3) 43 the taxable year in which the disposed assets were acquired. Enter gross sales price (net of costs of sale) in column B, and in column C, enter total gain or loss included in calculating federal taxable income (as defined for MBT purposes). For property placed in service prior to January 1, 2008, gain reflected in federal taxable income (as defined for MBT purposes) is equal to the gain reported for federal purposes. For property placed in service after December 31, 2007, gain reflected in federal taxable income (as defined for MBT purposes) is the gain reported federally except that it shall be calculated as if IRC § 168(k) were not in effect. Calculation of MBT ITC Recapture Rates and Amounts Complete Worksheet 2 (on the following page), entering each taxable year (End Date) in which the disposed assets that triggered MBT ITC credit recapture were acquired. NOTE: Lines references on columns below are based on 2010 MBT form 4570. Lines for 2008 and 2009 MBT forms are different, so if copying information from a 2008 or 2009 MBT form, choose the appropriate lines. Worksheet 2 • Column A: Enter in chronological order, beginning with the earliest, the tax year end date of each acquisition year of disposed assets that triggered MBT ITC recapture from Worksheet 1a through 1c. UBGs: If capital asset subject to recapture is from a member that was not part of the group in the tax year the asset was acquired, make a separate line entry for the tax year the member filed outside of the group. Take care to report in this line information requested in each column only from the member’s single filings, not the group’s. • Column B: Enter allowable MI compensation and ITC credits amount from Form 4570, line 26 with the corresponding acquisition year in column A. • Column C: Enter the MI compensation credit amount from Form 4570, line 3 with the corresponding acquisition year in column A. • Column D: Calculate net ITC credit amount: subtract column C from column B for each taxable year. If difference is less than zero (is negative), enter zero. This is the amount of ITC credit that offsets MBT liability. • Column F: MBT capital investment amount. Enter total amount of capital investment reported on Form 4570, line 8 for each taxable year listed on column E. • Column G: ITC rate. Enter 2.32% for taxable years on column E that end with 2008, otherwise enter 2.9%. • Column H: Calculate gross IC credit amount: multiply column F by column G for each taxable year. • Column J: MBT recapture of capital investment. Enter total amount of recapture of capital investment reported on form 4570, line 16, for each taxable year listed on column I. • Column L: Gross MBT ITC credit recapture amount. 44 NOTE: Sales price includes any benefit derived from the sale. Worksheet 1c — Assets Transferred Outside Michigan Enter all depreciable tangible assets other than mobile tangible assets acquired after 2007 that were eligible for ITC and were transferred outside Michigan during the filing period. Give all information required for each disposition in column A and column B. In column A, enter the taxable year in which the disposed assets were acquired, and in column B, enter adjusted basis as used for federal purposes. Do not use a recomputed MBT basis for this purpose. Multiply column J by column K. This represents the total amount of ITC credit recapture available to be reported in the tax year. • Column M: MBT ITC credit recapture amount offset by credit. Enter the lesser of columns H and L. This is the amount of available ITC credit recapture that was offset by the total amount of available ITC credit in the year. • Column O: SBT credit recapture amount. Enter total amount from Form 4570, line 19 for each taxable year listed on column N. • Column P: SBT ITC credit recapture amount offset by credit. Enter lesser of the amount on column O, and the amount of column H minus column M. This is the amount of SBT ITC credit recapture that was offset by the total amount of available ITC credit in the taxable year. • Column Q: Total MBT ITC used. Add columns D, M, and P. The total amount of MBT ITC used equals to the amount of credit that offsets MBT ITC credit recapture, SBT ITC credit recapture, and the MBT liability. • Column R: Extent used rate. Divide amounts on column Q by amounts on column H. • Column T: MBT recapture base. Enter total amount of recapture capital investment from Worksheet 1a, column F; Worksheet 1b, column F and Worksheet 1c, column B. • Column U: MBT recapture amount. Multiply amount in column T by rates in column G, and in column R. Add up figures in each row of column U, and carry that amount to Form 4947, line 12. Worksheet 2 — Calculation of MBT ITC Recapture Rates and Amounts NOTE: Lines references on columns below are based on 2010 MBT form 4570. Lines for 2008 and 2009 MBT forms are different, so if copying information from a 2008 or 2009 MBT form, choose the appropriate lines. A B C D Taxable Year (End Date) in which MBT ITC Disposed Assets were acquired Allowable Michigan compensation and ITC credit amount from Form 4570, line 26 Michigan Compensation Credit Amount from Form 4570, line 3 ITC that offsets MBT liability Subtract column C from column B (Enter 0 if less than 0) E F G H Taxable Year (repeat from column A) MBT Capital Investment Amount from Form 4570, line 8 ITC rate (2.32% for tax years ending in 2008, or 2.9% otherwise) Gross ITC Credit Amount Multiply column F by column G I J K L M Taxable Year (repeat from column A) MBT Recapture of Capital Investment Amount from Form 4570, line 16 ITC rate (2.32% for tax years ending in 2008, or 2.9% otherwise) Gross MBT ITC Recapture Multiply column J by column K MBT ITC Recapture Amount Offset by Credit Lesser of column L and H N O P Q R Taxable Year (repeat from column A) SBT ITC Credit Recapture Amount from Form 4570, line 19 SBT ITC Recapture Amount Offset by Credit Lesser of column O, and column (H – M) T U S Taxable Year (repeat from column A) Total MBT ITC Credit Used Extent Credit Used Rate Add columns D, M, and P Divide column Q by column H Recapture base. Enter total amount of recapture from Worksheet 1a, column F; Worksheet 1 b, Recapture Amount. column F; and Worksheet 1c, Multiply column T by column B. column G and by column R 45
4947, 2022 Michigan Schedule of Certificated Credits
More about the Michigan Form 4947 Corporate Income Tax Tax Credit TY 2022
We last updated the Schedule of Certificated Credits in February 2023, so this is the latest version of Form 4947, fully updated for tax year 2022. You can download or print current or past-year PDFs of Form 4947 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 MI W-4P | Withholding Certificate for Michigan Pension or Annuity Payments |
| Form 4763 | E-file Authorization for Business Taxes MI-8879 (OBSOLETE) |
| Form 4918 | Annual Flow-Through Withholding Reconciliation Return (OBSOLETE) |
| Form 4901 | CIT e-file Annual Return Payment Voucher (CIT-V) |
| Form 4891 | CIT Annual Return |
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 4947 from the Department of Treasury in February 2023.
Form 4947 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 4947
We have a total of eleven past-year versions of Form 4947 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2022 Form 4947
4947, 2022 Michigan Schedule of Certificated Credits
2021 Form 4947
4947, Michigan Schedule of Certificated Credits
2020 Form 4947
4947, 2020 Michigan Schedule of Certificated Credits
2019 Form 4947
4947, 2019 Michigan Schedule of Certificated Credits
2018 Form 4947
4947, 2018 MICHIGAN Schedule of Certificated Credits
2017 Form 4947
4947, 2017 Michigan Schedule of Certificated Credits
2016 Form 4947
4947, 2016 Michigan Schedule of Certificated Credits
2014 Form 4947
4947
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