A bill to amend 1967 PA 281, entitled “Income tax act of 1967,” by amending sections 607 and 623 (MCL 206.607 and 206.623), section 607 as amended by 2018 PA 38 and section 623 as amended by 2021 PA 135.
Seeks to redefine "federal taxable income" for tax years before and after 2023, clarify the definitions of "flow-through entity" and "foreign operating entity," and detail exclusions from "gross receipts." These exclusions include amounts from the gross income of foreign corporations in international aircraft operations and proceeds from insurance policies, settlements, or judgments, less any amount included in federal taxable income.
Co-sponsored by Reps.
Referred to the Committee on Tax Policy
