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Post details: Michigan --Corporate Income Tax: Depreciation Decoupling and Credit Enacted, Other Changes Made
01/13/09
Michigan --Corporate Income Tax: Depreciation Decoupling and Credit Enacted, Other Changes Made
CCH (cch.taxgroup.com) reports:
When calculating Michigan business tax (MBT), taxpayers are required to calculate federal taxable income as if IRC §168(k) (bonus depreciation) and IRC §199 (domestic production activities deduction) were not in effect. However, a new credit against the MBT is created to mitigate the effects of decoupling from bonus depreciation. Furthermore, the investment and compensation credits against the MBT are revised for certain taxpayers.
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