Mich. Comp. Laws § 208.1423

Current through Public Act 151 of the 2024 Legislative Session

Section 208.1423 - [Repealed 12/31/2031] Taxpayer Subject to Worker's Disability Compensation Act of 1969; Tax Credit; Additional Credit; Refund

(1) A taxpayer that is an employer that is subject to the worker's disability compensation act of 1969, 1969 PA 317, MCL 418.101 to 418.941, may claim a credit against the tax imposed by this act an amount equal to the amount paid during that tax year by the taxpayer pursuant to section 352 of the worker's disability compensation act of 1969, 1969 PA 317, MCL 418.352, as certified by the director of the bureau of worker's disability compensation pursuant to section 391(6) of the worker's disability compensation act of 1969, 1969 PA 317, MCL 418.391.

(2) A taxpayer that claims a credit under this section shall claim a portion of the credit allowed by this section equal to the payments made during a calendar quarter pursuant to section 352 of the worker's disability compensation act of 1969, 1969 PA 317, MCL 418.352, against the estimated tax payments made under section 501. Any subsequent increase or decrease in the amount claimed for payments made by the insurer or self-insurer shall be reflected in the amount of the credit taken for the calendar quarter in which the amount of the adjustment is finalized.

(3) The credit under this section is in addition to any other credits the taxpayer is eligible for under this act.

(4) If the amount of the credit allowed under this section exceeds the tax liability of the taxpayer for the tax year, that portion of the credit that exceeds the tax liability shall be refunded.

MCL 208.1423

Repealed by 2019, Act 90,s 7, eff. 12/31/2031.

Repealed by 2011, Act 39,s 7, eff. on the date that the secretary of state receives a written notice from the department of treasury that the last certificated credit or any carryforward from that certificated credit has been claimed.

Added by 2007, Act 36,s 44, eff. 1/1/2008.

Repealed effective 12/31/2031 -- Enacting section 1 of 2019, Act 90 provides: "The Michigan business tax act, 2007 PA 36, MCL 208.1101 to 208.1601, is repealed effective for tax years that begin after December 31, 2031."

Contingent repeal -- See Enacting section 1 of 2011, Act 39,s 7