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Michigan Schedule of Corporate Income Tax Liability for an MBT Financial Filer
Extracted from PDF file 2021-michigan-form-4975.pdf, last modified February 2022Schedule of Corporate Income Tax Liability for an MBT Financial Filer
Attachment 28 Michigan Department of Treasury 4975 (Rev. 04-21) 2021 MICHIGAN Schedule of Corporate Income Tax Liability for a Michigan Business Tax Financial Filer Issued under authority of Public Act 36 of 2007 and PA 39 of 2011. Taxpayer Name (print or type) )HGHUDO(PSOR\HU,GHQWL¿FDWLRQ1XPEHU )(,1 3$57 &,77$;%()25(&5(',76²Unitary Business Groups, see instructions. There is no amount to be entered on lines 1 through 4. Skip to line 5. 1. 2. 3. There is no amount to be entered ........ 1. XXXXXXXX XXXXXXXX XXXXXXXX XXXXXXXX XXXXXXXX There is no amount to be entered ................. 2. XXXXXXXX XXXXXXXX XXXXXXXX XXXXXXXX XXXXXXXX There is no amount to be entered ........ 3. XXXXXXXX XXXXXXXX XXXXXXXX XXXXXXXX XXXXXXXX XXXXXXXX 00 4. There is no amount to be entered on this line. Skip to line 5.............................................................................. 4. 5. Tax Base (Net Capital for Current Taxable Year) as detailed in instructions ...................................................... 5. 00 6. Apportioned Tax base. Multiply line 5 by percentage on Form 4590, line 10c ................................................... 6. 00 7. Tax Liability. Multiply line 6 by 0.29% (0.0029) ................................................................................................... 7. 00 3$57 &5(',76 8. &HUWL¿FDWHG1RQUHIXQGDEOH&UHGLWVIURP)RUP OLQH ............................................................................. 8. 00 9. Subtract line 8 from line 7. If less than zero, enter zero ..................................................................................... 9. 00 10. Recapture from Form 4947, line 28 .................................................................................................................... 10. 00 11. &,7/LDELOLW\EHIRUH&HUWL¿FDWHG5HIXQGDEOHFUHGLWV$GGOLQHV DQG ............................................................ 11. 00 12. &HUWL¿FDWHG5HIXQGDEOHFUHGLWVIURP)RUP OLQH ................................................................................... 12. 00 13. Subtract line 12 from line 11. If less than zero, enter as a negative number. (A negative number here represents an overpayment.) ..................................................................................... 13. 00 3$57 0%7&$/&8/$7,2172&203$5($*$,167&,7)25),1$1&,$/),/(56 14. Total MBT liability from Form 4590, line 30 ........................................................................................................ 14. 00 15. Refundable credits from Form 4590, line 37 ...................................................................................................... 15. 00 16. MBT liability after refundable credits. Subtract line 15 from line 14. If less than zero, enter as a negative number. (A negative number here represents an overpayment) ........................................................................ 16. 00 ,IOLQHLVJUHDWHUWKDQOLQHHQWHUWKHGLႇHUHQFH,IOLQHLVJUHDWHUWKDQRUHTXDOWROLQHHQWHU]HUR Carry to Form 4590, line 31 ................................................................................................................................ 17. 00 17. + 0000 2021 64 01 27 2 Instructions for Form 4975 Schedule of Corporate Income Tax (CIT) Liability for a Michigan Business Tax (MBT) Financial Filer Restrictions for MBT Filers %HJLQQLQJ -DQXDU\ RQO\ WKRVH WD[SD\HUV ZLWK D FHUWL¿FDWHG FUHGLW ZKLFK LV DZDUGHG EXW QRW \HW IXOO\ FODLPHG RUXWLOL]HGPD\HOHFWWREH0%7WD[SD\HUV Purpose 7R FDOFXODWH WKH &,7 OLDELOLW\ IRU D ¿QDQFLDO LQVWLWXWLRQ ¿OLQJ XQGHU0%7DQGFRPSDUHWKDWFDOFXODWLRQWRWKH0%7OLDELOLW\ DV FDOFXODWHG RQ WKH 0%7 $QQXDO 5HWXUQ IRU )LQDQFLDO Institutions )RUP WR GHWHUPLQH WKH JUHDWHU RI WKH WZR FDOFXODWHGWD[OLDELOLWLHV (ႇHFWRI3XEOLF$FWRI (൵HFWLYH ZLWK WD[ \HDUV 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(Rev. 04-21) 2021 Michigan Business Tax Financial Institution Worksheet A Include a copy of Worksheet A with your MBT Return. If the taxpayer is a Unitary Business Group, also complete and include the “Michigan Business Tax Financial Institution Worksheet B.” Taxpayer Name or Designated Member (DM) if a UBG )HGHUDO(PSOR\HU,GHQWL¿FDWLRQ1XPEHU )(,1 7RSWLHUHGSDUHQWHQWLW\¿OLQJWKH)HGHUDO)LQDQFLDO,QVWLWXWLRQV([DPLQDWLRQ&RXQFLO )),(& UHSRUW Top-tiered parent entity FEIN NOTEIRUOLQHV If less than zero, enter zero. 1. Total Equity Capital. If less than zero, enter zero .............................................................................................. 1. 00 2. Average daily book value of Michigan obligations. If less than zero, enter zero ............................................... 2. 00 3. Average daily book value of U.S. obligations ......................................................................................................... 3. 00 4. Subtotal. Add lines 2 and 3 ................................................................................................................................ 4. 00 5. (Net Capital) Subtract line 4 from line 1............................................................................................................. 5. 00 6. a. Authorized insurance company subsidiary: enter actual capital fund amount ................................................ 6a. 00 b. Minimum regulatory amount required ............................................................................................................. 6b. 00 c. Multiply line 6b by 125% (1.25) ...................................................................................................................... 6c. 00 d. Enter the lesser of line 6a or line 6c ............................................................................................................... 6d. 00 Subtract line 6d from line 5 ................................................................................................................................ 7. 00 7. Carry the amount from line 7 to the “Schedule of Corporate Income Tax (CIT) Liability for a Michigan Business Tax (MBT) Financial Filer” (Form 4975), line 1. Instructions for the Michigan Business Tax Financial Institution Worksheet A Purpose 7R KHOS FDOFXODWH HTXLW\ FDSLWDO IRU WKH SXUSRVH RI FRPSOHWLQJ WKH ³6FKHGXOH RI &RUSRUDWH ,QFRPH 7D[ &,7 /LDELOLW\ IRU D 0LFKLJDQ%XVLQHVV7D[ 0%7 )LQDQFLDO)LOHU´ )RUP (ႇHFWVRI3XEOLF$FWRI (൵HFWLYH ZLWK WD[ \HDUV EHJLQQLQJ LQ 3$ RI DOWHUV WKH GH¿QLWLRQ RI WRWDO HTXLW\ FDSLWDO IRU D ¿QDQFLDO LQVWLWXWLRQ ¿OLQJ D &,7 UHWXUQ 3$ GLG QRW DOWHU WKH GH¿QLWLRQ RI HTXLW\ FDSLWDO IRU DQ 0%7 ¿OHU +RZHYHU WR FRPSOHWH )RUP DQ 0%7 WD[SD\HU PXVW FDOFXODWH LW¶V HTXLW\FDSLWDODVLILWZDVD&,7¿OHU For the purposes of Worksheet A, line 1, total equity capital LVWKHDPRXQWUHSRUWHGE\WKH¿QDQFLDOLQVWLWXLRQRULQWKHFDVH RI D Unitary Business Group (UBG) RI ¿QDQFLDO LQVWLWXLRQV WKH WRSWLHUHG SDUHQW\ HQWLW\ RQ FHUWDLQ UHJXODWRU\ IRUPV GHVLJQDWHG E\ WKH )HGHUDO )LQDQFLDO ,QVWLWXWLRQV ([DPLQDWLRQ &RXQFLO )),(& DQG¿OHGZLWKWKHR൶FHRIWKHFRPSWUROOHURI FXUUHQF\ WKH )HGHUDO 'HSRVLW ,QVXUDQFH &RUSRUDWLRQ )',& RUWKH)HGHUDO5HVHUYH6\VWHP $¿QDQFLDOLQVWLWXWLRQZLOOXVHWKH)),(&UHJXODWRU\UHSRUWIRU WKHSHULRGHQGLQJZLWKWKH¿QDQFLDOLQVWLWXWLRQ¶V¿VFDO\HDUHQG /LNHZLVHIRUDXQLWDU\EXVLQHVVJURXSRI¿QDQFLDOLQVWLWXWLRQV WKH WD[SD\HU XVHV WKH )),(& UHJXODWRU\ UHSRUW IRU WKH SHULRG HQGLQJZLWKWKHWRSWLHUHGSDUHQWHQWLW\¶V¿VFDO\HDUHQG,IWKH ¿QDQFLDOLQVWLWXWLRQRUWRSWLHUHGSDUHQWHQWLW\GRHVQRWVXEPLW DUHSRUWIRUWKHSHULRGHQGLQJWKDWFRLQFLGHVZLWKLWV¿VFDO\HDU HQG WKH WD[SD\HU VKRXOG XVH WKH ODVW )),(& UHJXODWRU\ UHSRUW LVVXHGGXULQJLWV¿VFDO\HDU ,ID8%*WKHWD[SD\HUPXVWFRPSOHWHWKH³0LFKLJDQ%XVLQHVV 7D[ )LQDQFLDO ,QVWLWXLRQ :RUNVKHHW %´ EHIRUH FRPSOHWLQJ :RUNVKHHW$ Line-by-Line Instructions Lines not listed are explained on the form. 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Members with equity capital not included in the FFIEC report do not complete Worksheet B. Include all copies of Worksheet B with your MBT Return. Designated Member Designated Member FEIN Unitary Business Group Member Name Member FEIN NOTEIRUOLQHDQGOLQH If less than zero, enter zero. 1. Average daily book value of MI obligations ....................................................................................................... 1. 00 2. Average daily book value of U.S. obligations ........................................................................................................... 2. 00 3. a. Authorized insurance company subsidiary: enter actual capital fund amount ................................................................... 3a. 00 b. Minimum regulatory amount required .............................................................................................................................. 3b. 00 c. Multiply line 3b by 125% (1.25) ........................................................................................................................................... 3c. 00 d. Enter the lesser of line 3a or line 3c.................................................................................................................................... 3d. 00 Instructions for the Michigan Business Tax Financial Institution Worksheet B Purpose Line 3b:(QWHUWKHPLQLPXPFDSLWDOIXQGDPRXQWUHTXLUHGE\ UHJXODWLRQVIRUWKDWLQVXUDQFHVXEVLGLDU\ )RU D 8QLWDU\ %XVLQHVV *URXS WKH ³0LFKLJDQ %XVLQHVV 7D[ )LQDQFLDO ,QVWLWXWLRQ :RUNVKHHW %´ KHOSV SURYLGH PHPEHU LQIRUPDWLRQWRFRPSOHWHWKH³0LFKLJDQ%XVLQHVV7D[)LQDQFLDO ,QVWLWXWLRQ:RUNVKHHW$´ )RUHDFKFROXPQVXPWKHHQWULHVRIDOO8%*PHPEHUVRQOLQH E DQG FDUU\ WR WKH FRUUHVSRQGLQJ FROXPQ RQ :RUNVKHHW $ OLQHE Line-by-Line Instructions Lines not listed are explained on the form. ,Q DOO FDVHV ZLWK RQH RU PRUH ¿QDQFLDO LQVWLWXWLRQV LQ D 8%* FRPSOHWHRQHFRS\RI:RUNVKHHW%IRUHDFK¿QDQFLDOLQVWLWXWLRQ LQ WKH 8%* 1RWH WKDW DQ HQWLW\ WKDW ZRXOG RWKHUZLVH EH D VWDQGDUG PHPEHU EXW LV RZQHG E\ DQG XQLWDU\ ZLWK D ¿QDQFLDO LQVWLWXWLRQ LV GH¿QHG E\ VWDWXWH WR EH D ¿QDQFLDO LQVWLWXWLRQ ,I D ¿QDQFLDO LQVWLWXWLRQ PHPEHU RWKHU WKDQ WKH '0 KDV WZR RU PRUHIHGHUDOWD[SHULRGVHQGLQJZLWKRUZLWKLQWKH¿OLQJSHULRG RI WKLV UHWXUQ XVH D VHSDUDWH FRS\ RI 3DUW % IRU HDFK RI WKDW PHPEHU¶VIHGHUDOSHULRGV Line 3c: )RU HDFK FROXPQ VXP WKH HQWULHV RI DOO 8%* PHPEHUVRQOLQHFDQGFDUU\WRWKHFRUUHVSRQGLQJFROXPQRQ :RUNVKHHW$OLQHF Line 3d: )RU HDFK FROXPQ VXP WKH HQWULHV RI DOO 8%* PHPEHUVRQOLQHGDQGFDUU\WRWKHFRUUHVSRQGLQJFROXPQRQ :RUNVKHHW$OLQHG (QWHUWKHQDPHDQG)HGHUDO(PSOR\PHQW,GHQWL¿FDWLRQ1XPEHU )(,1 RIWKH'HVLJQDWHG0HPEHUOLVWHGRQ:RUNVKHHW$LQWKH DSSURSULDWH¿HOGRQHDFKFRS\RI:RUNVKHHW% (QWHUWKHQDPHDQG)(,1 (QWHU WKH QDPH DQG )HGHUDO (PSOR\PHQW ,GHQWL¿FDWLRQ 1XPEHU )(,1 RIWKHPHPEHUZKRVHLQIRUPDWLRQLVUHSRUWHGRQOLQHV WKURXJKRI:RUNVKHHW% Line 1:8QGHU0&/ N Michigan obligationsPHDQV DERQGQRWHRURWKHUREOLJDWLRQLVVXHGE\DJRYHUQPHQWDOXQLW GHVFULEHGLQ6HFWLRQRIWKH6KDUHG&UHGLW5DWLQJ$FW3$ RI 0&/ )RUHDFKFROXPQVXPWKHHQWULHVRIDOO8%*PHPEHUVRQOLQH DQGFDUU\WRWKHFRUUHVSRQGLQJFROXPQRQ:RUNVKHHW$OLQH Line 2: United States obligations PHDQV DOO REOLJDWLRQV RI WKH8QLWHG6WDWHVH[HPSWIURPWD[DWLRQXQGHU86& D RU H[HPSW XQGHU WKH 8QLWHG 6WDWHV FRQVWLWXWLRQ RU DQ\ IHGHUDO VWDWXWH LQFOXGLQJ WKH REOLJDWLRQV RI DQ\ LQVWUXPHQWDOLW\ RU DJHQF\RIWKH8QLWHG6WDWHVWKDWDUHH[HPSWIURPVWDWHRUORFDO WD[DWLRQ XQGHU WKH 8QLWHG 6WDWHV FRQVWLWXWLRQ RU DQ\ VWDWXWH RI WKH8QLWHG6WDWHV )RUHDFKFROXPQVXPWKHHQWULHVRIDOO8%*PHPEHUVRQOLQH DQGFDUU\WRWKHFRUUHVSRQGLQJFROXPQRQ:RUNVKHHW$OLQH Line 3a: (QWHU WKH HTXLW\ FDSLWDO RI DQ LQVXUDQFH FRPSDQ\ RZQHG E\ WKH WD[SD\HU WR WKH H[WHQW WKDW WKH HTXLW\ FDSLWDO WKLV 8%* PHPEHU¶V LQYHVWPHQW LV LQFOXGHG LQ WKH 7RWDO (TXLW\&DSLWDORI:RUNVKHHW$OLQH&RQVLGHURQO\LQVXUDQFH FRPSDQLHV DV GH¿QHG LQ 0&/ DQG VXEMHFW WR WKH 0LFKLJDQ¶V&,7SUHPLXPVWD[ZKLFKGRHVQRWLQFOXGHFDSWLYH LQVXUDQFH FRPSDQLHV )RU SXUSRVHV RI WKLV GHGXFWLRQ HTXLW\ FDSLWDO LV FDOFXODWHG LQ DFFRUGDQFH ZLWK *HQHUDOO\ $FFHSWHG $FFRXQWLQJ3ULQFLSOHV )RUHDFKFROXPQVXPWKHHQWULHVRIDOO8%*PHPEHUVRQOLQH DDQGFDUU\WRWKHFRUUHVSRQGLQJFROXPQRQ:RUNVKHHW$OLQH D
4975, Michigan Schedule of Corporate Income Tax Liability for a Michigan Business Tax Financial Filer
More about the Michigan Form 4975 Corporate Income Tax
We last updated the Schedule of Corporate Income Tax Liability for an MBT Financial Filer in March 2022, and the latest form we have available is for tax year 2021. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Michigan Department of Treasury. 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 4975 from the Department of Treasury in March 2022.
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 4975
We have a total of ten past-year versions of Form 4975 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2021 Form 4975
4975, Michigan Schedule of Corporate Income Tax Liability for a Michigan Business Tax Financial Filer
2020 Form 4975
4975, 2020 MICHIGAN Schedule of Corporate Income Tax Liability for a Michigan Business Tax Financial Filer
2019 Form 4975
4599, 2019 Michigan Business Tax Forms and Instructions for Financial Institutions
2018 Form 4975
4975, 2018 MICHIGAN Schedule of Corporate Income Tax Liability for a Michigan Business Tax Financial Filer
2017 Form 4975
4975, 2017 Michigan Schedule of Corporate Income Tax Liability for a Michigan Business Tax Financial Filer
2016 Form 4975
4575, 2016 Michigan Business Tax Loss Adjustment for the Small Business Alternative Credit
TaxFormFinder Disclaimer:
While we do our best to keep our list of Michigan Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.