Corporate income tax: unitary filing; application of federal business interest expense limitations; clarify. Amends sec. 691 of 1967 PA 281 (MCL 206.691).
Corporate income tax: business income; definition of federal taxable income and adjustments to income tax base; modify. Amends secs. 607 & 623 of 1967 PA 281 (MCL 206.607 & 206.623).
Eliminates requirement that taxpayer that qualifies as S corporation for federal tax purposes affirmatively elect New Jersey S corporation status for purposes of corporation business and gross income taxes.
Corporate income tax: flow-through entities; treatment of certain limited liability companies as a corporation; provide for. Amends secs. 12, 607, 699, 701, 805 & 845 of 1967 PA 281 (MCL 206.12 et seq.) & adds sec. 339.
Relating to a sales and use tax exemption and a franchise tax credit related to certain research and development activities of entities in the aerospace industry.