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2021 MICHIGAN 

         Business Tax 

                                     (MBT)

         FINANCIAL INSTITUTIONS

This booklet contains information on 
completing a Michigan Business Tax 
return for calendar year 2021 or a 
fiscal year ending in 2022.

   E-filing your return is easy, fast, and secure!

   Visit Treasury’s Web site at  
www.MIfastfile.org for a list of e-file  
resources and how to find an e-file  
provider.

WWW.MIFASTFILE.ORG

                                FILING DUE DATE: 
         CALENDAR FILERS — APRIL 30, 2022

FISCAL FILERS — THE LAST DAY OF THE FOURTH MONTH 

         AFTER THE END OF THE TAX YEAR.

                  WWW.MICHIGAN.GOV/TAXES
         This booklet is intended as a guide to help complete your return. It does not take the place of the law.
                                                  Michigan Department of Treasury — 4599 (Rev. 01-22)

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                         Important Information for 2021
                                                                           certificate,  or  reassignment  certificate  is  issued  under  section 
Michigan Business Tax (MBT) Election
                                                                           435  to  a  taxpayer,  beginning  on  and  after  January  1,  2012, 
Only those taxpayers that have been approved to receive, have              the  taxpayer  may  elect  to  claim  an  accelerated  refund  for  90 
received,  or  have  been  assigned  a  certificated  credit  that  has    percent of the amount of that certificate.
not  yet  fully  been  claimed  or  utilized  may  elect  to  be  MBT 
                                                                           If section 437 or 435 provides that payment of a credit will be 
taxpayers.  If  a  taxpayer  files  an  MBT  return  for  its  first  tax 
                                                                           made over a period of years or limits the annual amount of a 
year  beginning  after  December  31,  2011,  the  taxpayer  makes 
                                                                           payment,  an  accelerated  refund  may  only  be  claimed  for  the 
the election to file and pay under the MBT until the certificated 
                                                                           amount payable in the year claimed.
credit  and  any  carryforward  of  that  credit  are  exhausted. 
Except  for  taxpayers  with  certain  qualifying  brownfield              However,  a  taxpayer  claiming  the  Special  Consideration 
redevelopment  or  historical  preservation  certificated  credits,        Historic Preservation Credit under section 435(20) may elect to 
the election must be made for the first tax year beginning after           claim an accelerated  refund for the balance of the credit, but 
December 31, 2011. Once the election is made and the return                the amount of that refund shall be equal to 86 percent of the 
is submitted, the taxpayer may not amend the return to revoke              amount of the credit.
the  election.  Find  a  list  of  certificated  credits  in  the  General For  more  details,  see  the Request for Reduced Refundable 
Information  for  Standard  Taxpayers  in  the  MBT  Forms  and            Credit  Payout  for  the  Brownfield  Redevelopment  Credit  and 
Instructions for Standard Taxpayers (Form 4600).                           Historic Preservation Credit (Form 4889). Michigan Tax Forms 
                                                                           are  online  at www.michigan.gov/taxes.  An  accelerated  credit 
Helpful Hints for Completing an MBT Return
                                                                           refund will be paid within 60 days after Form 4889 is filed.
MBT UBG Combined Filing Schedule for Financial                             If a taxpayer files Form 4889 and claims an accelerated credit, 
Institutions (Form 4752)                                                   the taxpayer makes the election to file and pay under the MBT 
Members of a UBG will report their data on Form 4752. Once                 until the certificated credit and any carryforward of that credit 
all member data is combined and eliminations are calculated,               are  exhausted.  A  taxpayer  claiming  an  accelerated  credit  on 
these final figures will carry to Form 4590. All credits claimed           Form 4889 must also file an annual MBT return.
on Form 4752 must be supported by the applicable forms and 
these forms must be included when filing the return.                       Brief Overview of the CIT
UBG members may have different tax year-ends. The combined                 The  CIT  took  effect  January  1,  2012,  and  replaces  the  MBT, 
return must include each member whose tax year ends with or                except  for  certain  businesses  that  wish  to  claim  certificated 
within the tax year of the Designated Member (DM).                         credits. Among the highlights of the CIT:
Amended Returns                                                            • The  CIT  applies    to  all  financial  institutions  unless  the 
To amend a current or prior year annual return, complete the                 financial  institution  is  able  to  and  does  make  the  MBT 
Form 4590 that is applicable for that year, check the box in the             election.
upper-right  corner  of  the  return,  and  attach  a  separate  sheet     • Taxpayers  will  be  required  to  file  quarterly  estimated 
explaining  the  reason  for  the  changes.  Include  an  amended            returns as well as an annual return.
federal return or a signed and dated Internal Revenue Service              • Annual payments will still be due on the prescribed due date 
(IRS)  audit  document.  Include  all  schedules  filed  with  the           of the annual return.
original  return,  even  if  not  amending  that  schedule.  Enter         • The  CIT  is  equal  to  0.29%  of  net  capital  for  financial 
the  figures  on  the  amended  return  as  they  should  be.  Do  not       institutions.
include a copy of the original return with your amended return.
                                                                           • There are no credits available for financial institutions under 
Accelerated Credits                                                          the CIT.
A taxpayer with a certificated credit under section 435 (Historic)         • An entity that has received, has been approved to receive, 
or 437 (Brownfield) of the Michigan Business Tax Act (MBTA),                 or  has  been  assigned  certain  certificated  tax  credits  under 
or any unused carryforward of such certificated credit that may              MBT may elect to continue to file and pay under the MBT in 
be claimed in a tax year ending after December 31, 2011, may                 lieu of the CIT. This election must be made with the annual 
elect to pay the tax imposed by the MBTA in the tax year in                  return filed for first tax period beginning after 2011 for most 
which that certificated credit may be claimed in lieu of the CIT.            certificated credits.  The election is also made if a taxpayer 
If a person with a certificated credit under section 435 or 437              files a Form 4889, Claim for Accelerated Credit.  
that elects to pay the MBT is a member of a Unitary Business               • Estimated payments will still be due on the prescribed due 
Group (UBG), the Designated Member of the UBG, and not the                   dates for quarterly estimated returns.
member, shall file a UBG return and pay the tax, if any, under 
the MBTA and claim that certificated credit.
For  a  tax  year  beginning  after  December  31,  2011,  if  a 
certificate of completion, assignment certificate, or component 
completion certificate is issued under section 437 to a taxpayer, 
or  if  a  certificate  of  completed  rehabilitation,  assignment 
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                     2021 General Information for Financial Institutions
Standard Taxpayers and Insurance Companies:     See the Michigan Business Tax (MBT) Instruction Booklet for Standard Taxpayers            
         (Form 4600) or the MBT Instruction Booklet for Insurance Companies (Form 4592) at www.michigan.gov/taxes.
This booklet is intended as a guide to help complete the MBT              • MEGA Photovoltaic Technology Credit (Form 4574)
return. It does not take the place of the law.                            • Film Production Credit (Form 4574).

Who Files a Financial Return?                                             Using This Booklet 
Only  those  taxpayers  with  a  certificated  credit,  which  is         This  MBT  financial  institution  booklet  includes  forms  and 
awarded but not yet fully claimed or utilized, may elect to be            instructions for financial institutions. These forms are designed 
MBT taxpayers.  If a taxpayer files an MBT return and claims              for calendar year filers, and fiscal filers with a tax year ending 
a  certificated  credit,  the  taxpayer  makes  the  election  to  file   in 2014. Read the General Information first. It is recommended 
and  pay  under  the  MBT  until  the  certificated  credit  and  any     that  taxpayers  and  tax  preparers  also  briefly  review  the 
carryforward of that credit are exhausted. Once the election is           instructions for all forms.
made and the return is submitted, the taxpayer may not amend 
the return to revoke the election.                                        Overview of MBT for Financial Institutions
File  an MBT  Annual  Return  for  Financial  Institutions  (Form         The franchise tax is imposed upon the tax base of the financial 
4590)  if  the  taxpayer  is  any  of  the  following  and  holds  a      institution after allocation or apportionment to Michigan at the 
certificated credit:                                                      rate of 0.235 percent. There is no filing threshold for financial 
                                                                          taxpayers.
• A bank holding company, a national bank, a state chartered 
  bank, an office of thrift supervision chartered bank or thrift          In addition, there is an annual surcharge imposed at the rate of 
  institution,  or  a  savings  and  loan  holding  company  other        23.4 percent.
  than  a  diversified  savings  and  loan  holding  company  as          NOTE: Trust-only banks do not pay a surcharge.
  defined in 12 United States Code (USC) 1467a(a)(1)(F) or a 
  federally chartered Farm Credit System institution.                     Nonrefundable  and  refundable  credits  are  available  for 
                                                                          financial  institutions  to  help  reduce  the  initial  MBT  liability. 
• Any  person,  other  than  an  insurance  company  subject  to 
                                                                          This  includes  a  limited  allowance  for  Single  Business  Tax 
  the tax imposed under Chapter 2A of the MBT Act, who is 
                                                                          (SBT) credit carryforwards. 
  directly  or  indirectly  owned  by  an  entity  described  above 
  and is a member of the Unitary Business Group (UBG). (See               These forms are available online at www.michigan.gov/taxes.
  the definition of UBG in the “UBGs and Combined Filing” 
  section of this General Information.) This generally refers to          Required CIT Comparison
  all non-insurance taxpayers that are owned by and unitary               If choosing to file MBT to claim certain certificated  credits, 
  with financial institutions.                                            taxpayers are required to calculate MBT liability as the higher 
• A UBG consisting of entities described above.                           of MBT liability or hypothetical CIT liability.  A taxpayer must 
                                                                          pay the higher of the two or take the lesser refund.
What is a Certificated Credit
Certificated  credits  consist  of  MBT  credits  that,  under  MCL       A  taxpayer  calculates  the  franchise  tax  and  surcharge  of  the 
208.1107, are allowed to be applied against the calculated CIT            MBT  and  applies  all  credits,  including  certificated  credits, 
liability, as provided under MCL 208.1500(4).  The certificated           deductions,  and  exemptions  available under  the MBT.    Then, 
credits are either nonrefundable or refundable credits.  Below            as  if  they  were  subject  to  the  CIT,  taxpayers  calculate  the 
is  the  list  of  all  certificated  credits  potentially  available  to franchise  tax  under  the  CIT  and  apply  deductions  available 
financial  institutions,  and  the  respective  form  used  for  their    under the CIT. The hypothetical CIT liability is then reduced 
calculation.                                                              (not below to zero) by the amount of certificated nonrefundable 
                                                                          credit  used  to  offset  the  MBT  liability.  The  hypothetical  CIT 
Nonrefundable Certificated Credits:                                       liability  offset  by  certificated  nonrefundable  MBT  credits  is 
• Renaissance Zone Credit (Forms 4595 and 4573)                           further reduced by the total amount of certificated refundable 
                                                                          credits claimed under the MBT liability calculation, resulting 
• Historic Preservation Credit (Forms 4573 and 4584)
                                                                          in  the  taxpayers’  final  hypothetical  CIT  liability.  Taxpayers’ 
• Brownfield Redevelopment Credit (Forms 4584 and  4573)                  final  MBT  liability  consists  of  the  higher  of  the  calculated 
• Film Infrastructure Credit (Form 4573)                                  MBT  and  hypothetical  CIT  liabilities.  If  both  MBT  and 
• MEGA Poly-Silicon Energy Cost Credit and Miscellaneous                  hypothetical  CIT  liabilities  result  in  tax  refunds  (negative 
  MEGA Battery Credits (Forms 4584 and 4573).                             liability), taxpayers are entitled to the lower refund amount.”
                                                                          Specific  forms  are  provided  to  perform  the  MBT  to  CIT 
Refundable Certificated Credits:
                                                                          comparison  and  determine  the  tax  liability  or  refund.  The 
• Historic Preservation Credit (Form 4573)                                Michigan  Schedule  of  Corporate  Income  Tax  Liability  for 
• Brownfield Redevelopment Credit (Forms 4584 and  4573)                  a  Michigan  Business  Tax  Filer  (Form  4946)  is  used  for  the 
• MEGA Employment Tax Credit (Form 4574)                                  standard  taxpayer  comparison.  The Michigan  Schedule  of 

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Corporate  Income  Tax  Liability  for  a  Michigan  Business  Tax     Amending Estimates
Insurance Filer (Form 4974) is used for the insurance company’s        If,  after  making  payments,  the  estimated  tax  is  substantially 
comparison. The Michigan Schedule of Corporate Income Tax              different  than  originally  estimated,  recompute  the  tax  and 
Liability  for  a  Michigan  Business  Tax  Financial  Filer  (Form    adjust the payment in the next quarter. 
4975) is used for the financial institution’s comparison.  
Filing MBT/CIT Quarterly Tax Estimates for 2019                        Electronic Filing of MBT Returns
If  estimated  liability  for  the  year  is  reasonably  expected  to Michigan  has  an  enforced  CIT  e-file  mandate.  Software 
exceed $800, a taxpayer must file estimated returns. A taxpayer        developers  producing  CIT  tax  preparation  software  and 
may  remit  quarterly  estimated  payments  by  check  with  a         computer-generated  forms  must  support  e-file  for  all  eligible 
Corporate Income Tax Quarterly Return (Form 4913) or may               Michigan forms that are included in their software package. All 
remit  monthly  or  quarterly  estimated  payments  electronically     eligible CIT returns prepared using tax preparation software or 
by Electronic Funds Transfer (EFT). When payments are made             computer-generated forms must be e-filed.
by EFT, Form 4913 is not required.                                     Treasury  will  be  enforcing  the  CIT  e-file  mandate.  The 
Estimated  returns  and  payments  for  calendar  year  taxpayers      enforcement includes not processing computer-generated paper 
are  due  to  Treasury  by  April  15,  July  15,  October  15,  and   returns that are eligible to be e-filed. A notice will be mailed to 
January 15 of the following year. Fiscal year taxpayers should         the taxpayer, indicating that the taxpayer’s return was not filed 
make returns and payments by the appropriate due date which            in the proper form and content and must be e-filed. Payment 
is fifteen days after the end of each fiscal quarter. The sum of       received with a paper return will be processed and credited to 
estimated  payments  for  each  quarter  must  always  reasonably      the taxpayer’s account even when the return is not processed.
approximate the liability for the quarter.                             Treasury  will  continue  to  accept  certain  Portable  Document 
NOTE: Your  debit  transaction  will  be  ineligible  for  EFT         Format  (PDF) attachments  with  CIT e-filed returns. A  current 
if the bank account used for the electronic debit is funded or         list  of  defined  attachments  is  available  in  the  CIT  “Michigan 
otherwise associated with a foreign account to the extent that         Tax Preparer Handbook for  Electronic Filing Programs,” which 
the payment transaction would qualify as an International ACH          is  available  on  the  Treasury  Web  site  at www.MIfastfile.org 
Transaction (IAT) under NACHA Rules. Contact your financial            by  clicking  on  “Tax  Preparer,”  then  “Corporate  Income  Tax 
institution  for  questions  about  the  status  of  your  account.    Handbook”  for  the  applicable  tax  year.  Follow  your  software 
Contact  the  Michigan  Department  of  Treasury’s  (Treasury)         instructions for submitting attachments with an e-filed return.
EFT Unit at 517-636-6925 for alternate payment methods.                If  the  MBT  return  includes  supporting  documentation  or 
The estimated payment made with each quarterly return must             attachments that are not on the predefined list of attachments, 
be computed on the actual CIT for the quarter, or 25 percent of        the return can still be e-filed. Follow your software instructions 
the estimated total liability if paying a CIT liability.               for  including  additional  attachments.  The  tax  preparer  or 
                                                                       taxpayer  should  retain  file  copies  of  all  documentation  or 
To avoid interest and penalty charges, estimated payments must         attachments.
equal at least 85 percent of the total liability for the tax year 
and  the  amount  of  each  estimated  payment  must  reasonably       For  more  information  and  program  updates,  including 
approximate the tax liability for that quarter. If the prior year’s    exclusions  from  e-file,  visit  the  e-file  Web  site  at 
tax is $20,000 or less, estimated tax may be based on the prior        www.MIfastfile.org. 
year’s total tax liability paid in four equal installments. (“Four     The taxpayer may be required to e-file its federal return. Visit 
equal installments” describes the minimum pace of payments             the  Internal  Revenue  Service  (IRS)  Web  site  at www.irs.gov  
that will satisfy this safe harbor.) If the prior year’s tax liability for more information on federal e-file requirements and the IRS 
was  reported  for  a  period  less  than  12  months,  this  amount   Federal/State Modernized e-File (MeF) program.
must  be  annualized  for  purposes  of  both  the  $20,000  ceiling 
and calculating the quarterly payments due under this method.          Complete Federal Tax Forms First 
Payments  at  a  more  accelerated  pace also will qualify. If the 
year’s tax liability is $800 or less, estimates are not required.      Before preparing MBT returns, complete all federal tax forms. 
                                                                       These forms may include: 
NOTE:  For  those  continuing  to  file  MBT,  reliance  on  the 
tax liability of the prior year as a means to avoid interest and       • Fiduciaries — U.S. Form 1041, 1065, and related Schedules 
penalty charges is only allowed if you had business activity in          C, C-EZ, D, E, K, 4797, and 8825. 
Michigan in that prior year. A return must be filed to establish       • Corporations — U.S. Form 1120, 1120-S, and Schedules D, 
the tax liability for that prior year, even if gross receipts in the     K, 851, 940, 4562, 4797, and 8825. 
prior year were less than $350,000. In addition, if your business      • Limited Liability Companies (LLCs) — federal forms listed 
was  not  in  existence  in  the  preceding  year,  no  safe  harbor   above, depending on how federal returns have been filed. 
exists.  In  such  a  case,  estimates  must  be  based  on  the  MBT 
liability for the current year. For those filing CIT, there is no      Reference these federal forms to complete Form 4590. 
safe harbor in this first year of CIT filing. The estimates must       Copies  of  certain  pages  from  these  federal  forms  must  also 
equal at least 85 percent of the total liability as stated above.      be attached to the annual return filed. See the instructions for 
                                                                       Form 4590 for further details.

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Completing Michigan Forms • Identifies the form on which each nonrefundable credit is
calculated
Treasury captures the information from paper MBT returns
• Tracks tax liability as it is reduced by each credit in proper
using an Intelligent Character Recognition process. If
order
completing a paper return, avoid unnecessary delays caused
by manual processing by following the guidelines below so the • Identifies (where applicable) the point at which tax liability
return is processed quickly and accurately. reaches zero and no further nonrefundable credits may be
claimed in the current filing period.
• Use black or blue ink. Do not use pencil, red ink, or felt tip
pens. Do not highlight information. Complete Form 4568 from top to bottom. For each credit the
• Print using capital letters (UPPER CASE). Capital letters taxpayer qualifies for, calculate the credit as identified on the
are easier to recognize. appropriate form and bring the result back to the appropriate
line on Form 4568.
• Print numbers like this: 012345678. Do not put a slash
through the zero ( ) or seven ( ). 7 After total nonrefundable credits are determined on Form
• Fill check boxes with an [X]. Do not use a check mark [a]. 4568, line 40, carry the figure to Form 4590, line 27. The lines
following are straightforward, but take care to consider any
• Leave lines/boxes blank if they do not apply or if the
available refundable credits on Form 4590, Part 2.
amount is zero, unless otherwise instructed.
• Do not enter data in boxes filled with Xs.
Further General Guidance
• Do not write extra numbers, symbols, or notes on the
return, such as cents, dashes, decimal points (excluding For purposes of MBT, person means an individual, firm, bank,
percentages), or dollar signs, unless otherwise instructed. financial institution, insurance company, limited partnership,
Enclose any explanations on a separate sheet unless limited liability partnership, copartnership, partnership, joint
instructed to write explanations on the return. venture, association, corporation, S corporation, LLC, receiver,
• Date format, unless otherwise specified, should be in the estate, trust, or any other group or combination of groups
following format: MM-DD-YYYY. Use dashes (-) rather acting as a unit.
than slashes (/). A taxpayer includes a single person or a UBG liable for tax,
• Enter phone numbers using dashes (e.g., 517-555-5555); do interest, or penalty. A UBG must file a combined MBT return
not use parentheses. (addressed in the “UBGs and Combined Filing” section of this
• Stay within the lines when entering information in boxes. General Information).
• Report losses and negative amounts with a negative sign in Limited Liability Company. An LLC is classified for MBT
front of the number (do not use parentheses). For example, a purposes according to its federal tax classification. The
loss in the amount of $22,459 should be reported as -22,459. following terms, whenever used in MBT forms, instructions,
• Percentages should be carried out four digits to the and statute, include LLCs as indicated:
right of the decimal point. Do not round percentages. For
example, 24.154266 percent becomes 24.1542 percent. S Corporation includes an LLC federally taxed as an S
When converting a percentage to a decimal number, carry Corporation, and a member of this LLC is a shareholder.
numbers out six digits to the right of the decimal point. For C Corporation includes an LLC federally taxed as a C
example, 24.154266 percent becomes 0.241542. Corporation, and a member of this LLC is a shareholder. A
• Report all amounts in whole dollars. Round down member or other person performing duties similar to those of
amounts of 49 cents or less. Round up amounts of 50 cents an officer in a true corporation is an officer in this LLC.
or more. If cents are entered on the form, they will be
NOTE: In this booklet, the term “corporation,” used without a
treated as whole dollar amounts.
C or S, generally refers to both types.
Suggested Order of Analysis and Preparation of A person that is a disregarded entity for federal income
an MBT Annual Return tax purposes under the internal revenue code must file as
First, determine whether the taxpayer has a certificated credit. a disregarded entity for MBT purposes. This means that
If the financial institution taxpayer does not have a certificated a disregarded entity for federal tax purposes, including a
credit, it is subject to the CIT. Additionally, for all certificated single member LLC or Q-Sub, must file as if it were a sole
credits other than qualifying Historic Preservation or Brownfield proprietorship if owned by an individual, or a branch or
credits, the taxpayer must have made the election for its first tax division if owned by another business entity.
year ending after December 31, 2011, in order to continue under Fiduciaries filing for Trusts engaged in business activity must
the MBT. For a taxpayer using Form 4590, first complete lines file an MBT return and report the total business activity.
1 through 26. At that point, if any nonrefundable credits will
be claimed, begin the MBT Nonrefundable Credits Summary UBGs and Combined Filing
(Form 4568), which serves several important functions: NOTE: UBGs are addressed below, in general. In the
• Acts as a checklist of nonrefundable credits instructions for each form, “Special Instructions for Unitary
• Identifies the order in which nonrefundable credits must be Business Groups” are located directly before “Line-by-Line
claimed Instructions.” The areas in the “Line-by-Line Instructions” that

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apply only to UBGs are labeled “UBGs.” Additional direction           For more information on the control and relationship tests for 
is  found  in  the  “Supplemental  Instructions  for  Standard        UBGs,  see  Revenue  Administrative  Bulletin  (RAB)  2010-1, 
Members in UBGs.”                                                     MBT—Unitary Business Group Control Test, and RAB 2010-
                                                                      2,  MBT—Unitary  Business  Group  Relationship  Tests,  on 
Determining the Existence and Membership                              Treasury’s Web site at www.michigan.gov/treasury. (Click on 
of a UBG                                                              “Reports and Legal Resources.”)
Unitary  Business  Group  means  a  group  of  United  States 
persons, other than a foreign operating entity, that satisfies the    Filing the Correct Form
control test and relationship test.
                                                                      A different primary return and instruction booklet are required 
United States person is defined in Internal Revenue Code (IRC)        for standard taxpayers (Form 4567) and insurance companies 
§ 7701(a)(30). A foreign operating entity is defined by statute in    (Form 4588).
Michigan Compiled Laws (MCL) 208.1109(5).
                                                                      Filing if Tax Year Is Less Than 12 Months
Control Test.  The  control  test  is  satisfied  when  one  person 
owns or controls, directly or indirectly, more than 50 percent        Generally, annual returns must be filed for the same period as 
of the ownership interest with voting or comparable rights of         federal income tax returns.
the other person or persons. A person owns or controls more           Tax  year  means  the  calendar  year,  or  the  fiscal  year  ending 
than  50  percent  of  the  ownership  interest  with  voting  rights during the calendar year, upon the basis of which the tax base of 
or  ownership  interest  that  confer  comparable  rights  to  voting a taxpayer is computed. If a return is made for a fractional part 
rights of another person if that person owns or controls:             of a year, tax year means the period for which the return is made.
More than 50 percent of the total combined voting power of all        A taxpayer that has a 52- or 53-week tax year beginning not 
ownership interests with voting (or comparable) rights, or            more  than  seven  days  before  December  31  of  any  year  is 
More  than  50  percent  of  the  total  value  of  all  ownership    considered to have a tax year beginning after December of that 
interests with voting (or comparable) rights.                         tax year.
Relationship Tests.  The  definition  of  a  UBG  requires,  in       Example 1: A taxpayer with a federal tax year beginning on 
addition to satisfying the control test, that the group of persons    Saturday, December 26, 2020, will be treated as follows: 
have business activities or operations that either:                   • 2020 tax year end of December 31, 2020.
1) Result in a flow of value between or among persons in the          • Due date of April 30, 2021.
group, or                                                             • 2021 tax year beginning January 1, 2021.
2) Are integrated with, dependent upon, or contribute to each         Example 2:  A  taxpayer  with  a  federal  tax  year  ending  on 
other.                                                                Friday, January 3, 2021, will be treated as follows:
A taxpayer need only meet one of the two alternative tests to         • 2020 tax year end of December 31, 2021. 
satisfy the relationship test.                                        • Due date of April 30, 2021. 
1) Flow  of  value  is  established  when  members  of  the  group    • 2021 tax year beginning on January 1, 2021.
demonstrate one or more of functional integration, centralized 
management, and economies of scale. Examples of functional            Example 3:  A  52-  or  53-week  year  closing  near  the  end  of 
                                                                      January is common in the retail industry. Such a taxpayer will 
integration  include  common  programs  or  systems  and  shared 
                                                                      be treated as follows: 
information or property. Examples of centralized management 
include  common  management  or  directors,  shared  staff            • 2020-21 fiscal year end will be January 31, 2021. 
functions,  and  business  decisions  made  for  the  UBG  rather     • Due date will be May 31, 2021. 
than  separately  by  each  member.  Examples  of  economies 
                                                                      • 2021-22 fiscal year will begin on February 1, 2021.
of  scale  include  centralized  business  functions  and  pooled 
benefits or insurance. Groups that commonly exhibit a flow of         Annualizing
value  include  vertically  or  horizontally  integrated  businesses, If the filing period is less than 12 months, annualize the prior 
conglomerates,  parent  companies  with  their  wholly  owned         year’s  tax  liability  to  determine  whether  estimates  may  be 
subsidiaries, and entities in the same general line of business.      based  on  that  liability.  If  the  prior  year’s  annualized  liability 
Flow of value must be more than the mere flow of funds arising        is $20,000 or less, estimates may be based on the annualized 
out of passive investment.                                            amount if paid in four equal, timely, installments.
2)  The  alternate “contribution/dependency”  relationship  test      If  annualization  is  required,  multiply  the  prior  year’s  tax 
asks whether business activities are integrated with, dependent       liability by 12 and divide the result by the number of months 
upon,  or  contributed  to  each  other.  Businesses  are  integrated the  business  operated.  Generally,  a  business  is  considered  in 
with,  are  dependent  upon,  or  contribute  to  each  other  under  business for a month if the business operated for more than half 
many  of  the  same  circumstances  that  establish  flow  of  value. the days of that month. A business whose entire tax year is 15 
However,  this  alternate  relationship  test  is  also  commonly     days or less, however, is considered in business for one month.
satisfied when one entity finances the operations of another or 
when there exist intercompany transactions, including financing.      EXAMPLE: A fiscal year taxpayer with a tax year ending in 

                                                                                                                               5

- 8 -

June files a six-month return ending June 2010 reporting a tax          Amending a Return 
liability of $9,000. Estimates for the tax year ending June 2011 
may be based on the annualized liability of $18,000. Estimates          A  taxpayer  may  not  amend  to  revoke  the  election  to  remain 
must be paid in four equal, timely installments of $4,500.              taxable  under  the  MBT.   Once  the  taxpayer  makes  a  valid 
                                                                        election  to  claim  a  certificated  credit,  the  taxpayer  must 
Fiduciaries:  A  business  registered  as  a  Fiduciary  that  is  in   remain  in  the  MBT  until  the  certificated  credit  and  any 
business less than 12 months is not required to annualize.              carryforward  of  that  credit  are  exhausted.  Most  certificated 
Due Dates of Annual Returns                                             credits must be claimed for the taxpayer’s first tax year ending 
                                                                        after December 31, 2011.
Annual returns are due on or before the last day of the fourth 
                                                                        To amend a current or prior year annual return, complete the 
month after the end of the tax year.  For example, a return for 
                                                                        Form  4590  that  is  applicable  for  that  year  and  check  the  box 
calendar year 2020 is due April 30, 2021. A return for a fiscal 
                                                                        in  the  upper-right  corner  of  the  return,  and  attach  a  separate 
year ending June 30, 2021, is due October 31, 2021.  
                                                                        sheet  explaining  the  reason  for  the  changes.  Include  all 
Additional Filing Time                                                  schedules filed with the original return, even if not amending 
If additional time is needed to file an annual tax return, request      that schedule. Enter the figures on the amended return as they 
a Michigan extension by filing an Application for Extension of          should  be.  Do  not  include  a  copy  of  the  original  return  with 
Time to File Michigan Tax Returns (Form 4). Check the box for           your amended return.
MBT to extend the time to file an  MBT return.                          Current and past year forms are available on Treasury’s Web 
UBG NOTE: Extension requests must be filed under the name               site at www.michigan.gov/treasuryforms.
and  account  number  of  a  UBG’s  designated  member  to  be  a       To amend a return to claim a refund, file within four years of 
valid request for extension.                                            the due date of the original return (including valid extensions). 
                                                                        Most  certificated  credits  must  be  claimed  for  the  taxpayer’s 
Filing  a  federal  extension  request  with  the  IRS  does  not 
                                                                        first tax year ending after December 31, 2011. Interest will be 
automatically  grant  an  MBT  extension.  The  IRS  does  not 
                                                                        paid beginning 45 days after the claim is filed or the due date, 
notify  state  governments  of  extensions.  A  request  for  a 
                                                                        whichever is later.
Michigan  extension  must  be  received  and  approved  to  avoid 
penalty on the tax due.                                                 If amending a return to report a deficiency, penalty and interest 
                                                                        may apply from the due date of the original return.
Extension  applications  must  be  postmarked  on  or  before  the 
due date of an annual return.                                           If  any  changes  are  made  to  a  federal  income  tax  return  that 
                                                                        affect an MBT tax base, filing an amended return is required. 
Although  Treasury  may  grant  extensions  for  filing  MBT            To avoid penalty, file the amended return within 120 days after 
returns,  it  will  not  extend  the  time  to  pay.  Extension         the final determination by the IRS.
applications  received  without  proper  payment  will  not  be 
processed. Penalty and interest will accrue on the unpaid tax           Computing Penalty and Interest
from the original due date of the return.                               Annual  and  estimated  returns  filed  late  or  without  sufficient 
Properly filed and paid estimates along with the amount included        payment of the tax due are subject to a penalty of 5 percent of 
on the extension application will be accepted as payment on a           the tax due, for the first two months. Penalty increases by an 
tentative return, and an extension may be granted. It is important      additional  5  percent  per  month,  or  fraction  thereof,  after  the 
that the application is completed correctly.                            second month, to a maximum of 25 percent. 
Once  a  properly  prepared  and  timely  filed  application  along     Compute  penalty  and  interest  for  underpaid  estimates  using 
with appropriate estimated tax payments is received, Treasury           the MBT  Penalty  and  Interest  Computation  for  Underpaid 
will grant an extension of eight months to file the tax return.         Estimated Tax (Form 4582). If a taxpayer prefers not to file this 
                                                                        form, Treasury will compute the penalty and interest and send 
Any  estimated  tax  that  may  be  due  with  the  request  should     a bill.
be paid in the same manner as estimated payments were paid 
during the year.                                                        The following chart shows the interest rate that applies to each 
                                                                        filing period. A new interest rate is set at 1 percent above the 
A  written  response  will  be  sent  to  the  legal  address  on  file adjusted prime rate for each six-month period.
when a valid extension application is received.
                                                                        Beginning Date          Rate                  Daily Rate
If  an  MBT  extension  is  filed  on  time  but  the  total  payments 
received by the original due date are less than 90 percent of the       January 1, 2021         4.25%                 0.0001164
tax liability, a 10 percent negligence penalty may apply.                   July 1, 2021        4.25%                 0.0001164
IMPORTANT: If no tax is owed, there is no need to file an               January 1, 2022         4.25%                 0.0001164
extension  with  Michigan  by  the  due  date  of  the  return  to 
avoid  penalty.  However,  without  an  approved  extension,  it  is    For  a  complete  list  of  interest  rates,  see  the  Revenue 
necessary to file an annual return as soon as the information is        Administrative  Bulletins  on  Treasury’s  Web  site  at 
available to do so. An extension of time to file will also extend       www.michigan.gov/treasury/.
the statute of limitations. 

6

- 9 -

Signing the Return                                                        Mailing Addresses
All  returns  must  be  signed  and  dated  by  the  taxpayer  or  the    Mail the annual return and all necessary schedules to:
taxpayer’s  authorized  agent.  This  may  be  the  owner,  partner, 
                                                                          With payment:
corporate  officer,  or  association  member.  The  corporate 
                                                                          Michigan Department of Treasury
officer may be the president, vice president, treasurer, assistant 
treasurer,  chief  accounting  officer,  or  any  other  corporate        PO Box 30113
officer (such as tax officer) authorized to sign the corporation’s        Lansing MI 48909
tax return.                                                               Without payment:
If someone other than the above prepared the return, the preparer         Michigan Department of Treasury
must give his or her business address and telephone number.               PO Box 30783
                                                                          Lansing MI 48909
Print  the  name  of  the  authorized  signer  and  preparer  in  the 
appropriate area on the return.                                           Mail an extension application (Form 4) to:
                                                                          Michigan Department of Treasury
Assemble  the  returns  and  attachments  (in  sequence  order) 
and  staple  in  the  upper-left  corner.  (Do  not  staple  a  check  to PO Box 30774
the return.) In an e-filed return, the preparation software will          Lansing MI 48909-8274
assemble the forms and PDF attachments in the proper order                Mail MBT/CIT quarterly estimate payments (Form 4913) to:
automatically.                                                            Michigan Department of Treasury
IMPORTANT REMINDER:  Failure  to  include  all  the                       PO Box 30774
required forms and attachments will delay processing and may              Lansing MI 48909-8274
result in reduced or denied refund or credit forward or a bill for 
                                                                          Courier delivery service mail should be sent to:
tax due.
                                                                          Michigan Department of Treasury
SIGNING AN E-FILED RETURN: As with any tax return                         7285 Parsons Dr.
submitted to Treasury on paper, an electronic tax return must             Dimondale, MI 48821
be  signed  by  an  authorized  tax  return  signer,  the  Electronic 
Return  Originator  (ERO),  if  applicable,  and  the  paid  tax          Make  all  checks  payable  to  “State  of  Michigan.”  Print 
preparer, if applicable. NOTE: If the return meets one of the             taxpayer’s FEIN or TR Number, the tax year, and “MBT” on 
exceptions  to  the  e-file  mandate  and  is  being  filed  on  paper,   the front of the check. Do not staple the check to the return.
it  must  be  manually  signed  and  dated  by  the  taxpayer  or  the 
                                                                          Correspondence
taxpayer’s authorized agent.
                                                                          An address change or business discontinuance can be reported online 
The MBT Fed/State e-file signature process is as follows:                 by  using  Michigan  Treasury  Online  (MTO),  Business  Tax  Services. 
Fed/State Returns: Michigan will accept the federal signature             See www.michigan.gov/mtobusiness for  information.  In  the 
                                                                          alternative, Notice of Change or Discontinuance (Form 163), can be 
method.  Michigan  does  not  require  any  additional  signature 
                                                                          found online at www.michigan.gov/treasuryforms.
documentation. 
                                                                          Mail correspondence to:
State Stand Alone Returns: State Stand Alone returns must 
be  signed  using  Form  MI-8879  (also  called  the Michigan             Business Tax Division, MBT Unit
e-file  Authorization  for  Business  Taxes  MI-8879,  Form               Michigan Department of Treasury
4763). Returns are signed by entering the taxpayer PIN in the             PO Box 30059
software  after  reading  the  perjury  statement  displayed  in  the     Lansing MI 48909
software. The taxpayer PIN will be selected by the taxpayer, or 
the taxpayer may authorize his or her tax preparer to select the          To Request Forms
taxpayer PIN.                                                             Internet
Form MI-8879 will be printed and contain the taxpayer PIN.                Current and past year forms are available on Treasury’s Web 
The  tax  preparer  will  retain  Form  MI-8879  in  his  or  her         site at www.michigan.gov/treasuryforms.
records  as  part  of  the  taxpayer’s  printed  return.  MBT  State 
Stand  Alone  e-filings  submitted  without  a  taxpayer  PIN             TTY
will be rejected by Treasury. Do not mail Form MI-8879 to                 Assistance is available using TTY through the Michigan Relay 
Treasury and do not include Form MI-8879 as an attachment                 Service by calling 711.
with the e-file return. 

                                                                                                                                        7

- 10 -

- 11 -

Michigan Department of Treasury
4590 (Rev. 04-21), Page 1 of 2

2021 MICHIGAN Business Tax Annual Return                                                                                                                            Check if this is an
                                                                                                                                                                    amended return.
for Financial Institutions                                                                                                                                          See instructions.
Issued under authority of Public Act 36 of 2007.                                                    (MM-DD-YYYY)                                                    (MM-DD-YYYY)
1.  Return is for calendar year 2021 or for tax year beginning:                                                            and ending:
2.  Taxpayer Name (print or type)                                                                   7. Federal Employer Identification Number (FEIN) or TR Number

Doing Business As (DBA)                                                                             8. Organization Type

                                                                                 Check if                        Fiduciary                                          S Corporation /
Street Address                                                                                                                                                      LLC S Corporation
                                                                                 new address.  
                                                                                 (See instructions)              C Corporation / 
City                                             State           ZIP/Postal Code   Country Code                  LLC C Corporation

3. Principal Business Activity                                   4. Business Start Date in Michigan 8a.          Check if taxpayer (or any UBG member) has authority to 
                                                                                                                 exercise trust powers only.

5.  NAICS (North American Industry Classification System) Code   6. If Discontinued, Effective Date 9.    Check if Filing Michigan Unitary Business Group Return.
                                                                                                          (Include Form 4752.)

10.  Apportionment Calculation:             a. Michigan Gross Business (if no Michigan gross business,  enter zero) ..10a.                                                             00
                                            b. Total Gross Business ...................................................................10b.                                            00
                                            c. Apportionment Percentage.  Divide line 10a by line 10b .............10c.                                                                %

PART 1: FRANCHISE TAX                                          A                 B                      C                                   D                       E
Lines 11-14: If less than zero, enter zero.               2017                   2018               2019                                    2020                    2021
 11. Equity Capital ....................    11.
12.  Goodwill ............................. 12.
13.  Average daily book value 
     of Michigan obligations ......         13.
14.  Average daily book value 
     of U.S. obligations .............      14.
15.  Subtotal. Add lines 12 
     through 14 .........................   15.
16.  Net Capital. Subtract line 
     15 from line 11 ...................    16.
17.  a. Authorized insurance co. 
     subsidiary: Enter actual 
     capital fund amount ....... 17a.
     b. Minimum regulatory 
     amount required ............ 17b.
     c. Multiply line 17b by 
     125% (1.25) ................... 17c.
     d. Subtract line 17c from 
     17a.  If less than zero, 
     enter zero ...................... 17d.

18.  Add lines 16 and 17d .........         18.
19.  Add line 18, columns A through E. If less than zero, enter zero, skip lines 20-25, and enter zero on line 26 ........                                      19.                    00
20.  Net Capital for Current Taxable Year. Divide line 19 by number of tax years reported above ................................                                20.                    00
21.  Apportioned Tax Base. Multiply line 20 by percentage on line 10c ........................................................................                  21.                    00
22.  Multiply line 21 by 0.235% (0.00235) ..................................................................................................................... 22.                    00
23.  There is no amount to be entered on the line. Skip to line 26 ................................................................................             23. X X X X X X X X    00
24.  There is no amount to be entered on the line. Skip to line 26 ................................................................................             24. X X X X X X X X    00
25.  There is no amount to be entered on the line. Skip to line 26 ................................................................................             25. X X X X X X X X    00
26.  Total Liability Before All Credits. Enter amount from line 22 ...................................................................................          26.                    00
27.  Nonrefundable credits from Form 4568, line 40 .....................................................................................................        27.                    00
28.  Total Tax After Nonrefundable Credits. Subtract line 27 from line 26. If less than zero, enter zero ...................                                    28.                    00

+ 0000 2021 87 01 27 4                                                                                                                                          Continue and sign on Page 2.

- 12 -

2021 Form 4590, Page 2 of 2                                                                                     FEIN or TR Number

29.   Recapture of Certain Business Tax Credits from Form 4587, line 13 ...................................................................                              29.  00
30.   Total MBT Tax Liability.  Add lines 28 and 29 ....................................................................................................                 30.  00
31.   Corporate Income Tax adjustment from Form 4975, line 17 ................................................................................                           31.  00
32.   Total Tax Liability. Add lines 30 and 31 ..............................................................................................................            32.  00

PART 2: PAYMENTS, REFUNDABLE CREDITS AND TAX DUE
33.   Overpayment credited from prior MBT return ..................................................             33.                  00
34.   Estimated tax payments .................................................................................. 34.                  00
35.   There is no amount to be entered on this line. Skip to line 36.........................                   35.  X X X X X X X X 00
36.   Tax paid with request for extension .................................................................     36.                  00
37.   Refundable credits from Form 4574, line 23 ...................................................            37.                  00
38.   Total Payments.  Add lines 33 through 37.  (If not amending, then skip to line 40) ...............................................                                 38.  00
      AMENDED a. Payment made with original and/or prior amended returns .. 39a.                                                     00
39.   RETURN  b. Overpayment from original and/or prior amended returns....                                     39b.                 00
      ONLY    c. Add lines 38 and 39a and subtract line 39b from the sum ... ....................................................                                        39c. 00
40.   TAX DUE. Subtract line 38 (or line 39c, if amending) from line 32.  If less than zero, leave blank .......................                                         40.  00
41.   Underpaid estimate penalty and interest from Form 4582, line 38 ........................................................................                           41.  00

42.   Annual return penalty (a)          % = (b)         00                   plus interest of (c)                   00 .  Total ..... 42d.                                   00
43.   PAYMENT DUE.  If line 40 is blank, go to line 44.  Otherwise, add lines 40, 41 and 42d .....................................                                       43.  00

PART 3: REFUND OR CREDIT FORWARD
44.   Overpayment. Subtract lines 32, 41 and 42d from line 38 (or line 39c, if amending). If less than zero, leave 
      blank (see instructions).......................................................................................................................................... 44.  00
45.   CREDIT FORWARD. Amount on line 44 to be credited forward and used as an estimate for next MBT tax year ....                                                        45.  00
46.   REFUND. Amount on line 44 to be refunded.........................................................................................................                  46.  00

Taxpayer Certification.  I declare under penalty of perjury that the information in    Preparer Certification.  I declare under penalty of perjury that this
this return and attachments is true and complete to the best of my knowledge.          return is based on all information of which I have any knowledge.
                                                                                       Preparer’s PTIN, FEIN or SSN
      By checking this box, I authorize Treasury to discuss my return with my preparer.
Authorized Signature for Tax Matters                                                   Preparer’s Business Name (print or type)

Authorized Signer’s Name (print or type)         Date                                  Preparer’s Business Address and Telephone Number (print or type)

Title                                    Telephone Number

           Return is due April 30 or on or before the last day of the 4th month after the close of the tax year.

WITHOUT PAYMENT - Mail return to:                WITH PAYMENT — Pay amount on line 43                                            Make check payable to “State of 
                                                 and mail check and return to:                                                   Michigan.” Print taxpayer’s FEIN or 
      Michigan Department of Treasury            Michigan Department of Treasury                                                 TR Number, the tax year, and “MBT” on 
      PO Box 30783                               PO Box 30113                                                                    the front of the check. Do not staple the 
      Lansing MI  48909                          Lansing MI  48909                                                               check to the return.

+ 0000 2021 87 02 27 2

- 13 -

                                          Instructions for Form 4590 
      Michigan Business Tax (MBT) Annual Return for Financial Institutions
                                                                           the controlling member does not have nexus with Michigan. If 
Purpose
                                                                           that is the case, the controlling member may appoint a group 
To  calculate  a  tax  liability  and  claim  credits  for  a  financial   member with nexus to serve as the DM.
institution for MBT.
                                                                           NOTE: The   MBT  Unitary  Business  Group  Combined  Filing 
NOTE: Beginning January 1, 2012, only those taxpayers with a               Schedule  for  Financial  Institutions (Form  4752)  must  be 
certificated credit, which is awarded but not yet fully claimed or         completed before completing Form 4590.
utilized, may elect to be MBT taxpayers.  If a taxpayer files an           For more information on UBGs, see the instructions for Form 
MBT return and claims a certificated credit, the taxpayer makes            4752, available online at the Department of Treasury (Treasury) 
the election to file and pay under the MBT until the certificated          Web site at www.michigan.gov/taxes.
credit and any carryforward of that credit are exhausted.
                                                                           For more information on the control and relationship tests for 
General Instructions                                                       UBGs,  see  Revenue  Administrative  Bulletin  (RAB)  2010-1 
MBT Liability:  Beginning  January  1,  2012,  a  taxpayer                 Michigan  Business  Tax-Unitary  Business  Group  Control  Test 
calculates  MBT  liability  as  the  greater  of  MBT  liability           and  RAB  2010-2  Michigan  Business  Tax-Unitary  Business 
after  all  credits,  deductions,  and  exemptions  or  hypothetical       Group Relationship Tests on the Treasury Web site.
Corporate  Income  Tax  (CIT)  liability  minus  deductions  and           NOTE: Under  the  foregoing  definition,  a  UBG  may  include 
credits  available  under  that  act  and  minus  certificated  credits    financial  institutions,  insurance  companies,  and  standard 
allowed under the MBT.  This calculation of liability requires             taxpayers.  A  group  containing  a  mixture  of  these  three 
a taxpayer to calculate net equity tax base and apply available            taxpayer types may be required to file two or more returns to 
MBT  credits,  including  certificated  credits,  deductions,  and         properly  report  the  activities  of  the  different  taxpayer  types 
exemptions  available  under  the  MBT.    Then,  the  taxpayer            within the group.
will  calculate  the  CIT  comparison  on Schedule  of  Corporate 
                                                                           Under  Michigan  Compiled  Law  (MCL)  208.1261(f),       financial 
Income  Tax  Liability  for  a  Financial  Filer  (Form  4975).    A 
                                                                           institution means any of the following:
taxpayer  is  permitted  to  reduce  hypothetical  CIT  liability  by 
all deductions and credits which would be allowed under that               i.  A bank holding company, a national bank, a state chartered 
tax as well as the amount of certificated credit allowed under             bank,  an  office  of  thrift  supervision  chartered  bank  or  thrift 
the MBT. The amount of certificated credit allowed under the               institution, or a savings and loan holding company other than a 
MBT  is  the  amount  of  nonrefundable  credit  needed  to  offset        diversified savings and loan holding company as defined in 12 
MBT liability or the entire amount of a refundable credit.                 United Stated Code (USC) 1467a(a)(F) or a federally chartered 
                                                                           Farm Credit System institution.
If  the  taxpayer’s  hypothetical  CIT  liability  would  be  higher 
than  its  MBT  liability,  the  taxpayer  will  add  the  difference  to  ii. Any entity, other than an entity subject to the tax imposed 
MBT  liability  on  line  31  of  this  form  (4590).  This  is  the  CIT  under  Chapter  2A  (insurance  company),  who  is  directly  or 
adjustment.  If  the  result  of  both  steps  of  the  calculation  is  a indirectly owned by an entity described in (i) and is a member 
negative number, the taxpayer will receive a refund of the lower           of the UBG.
negative;  but  a  nonrefundable  credit  cannot  be  used  to  reduce     iii.  A UBG of entities described in (i) or (ii), or both.
liability below zero. Remaining nonrefundable certificated credit           Because the definition of financial institution for MBT 
                                                                           NOTE:
may be carried forward to succeeding tax years.                            purposes includes any entity (except an insurance company) that 
                                                                           is owned by a bank or other entity (as described above) and is 
Special Instructions for Unitary Business Groups                           a  member  of  a  UBG  with  its  parent,  this  may  cause  an  entity 
A Unitary Business Group (UBG) is a group of United States                 that is not commonly thought of as a financial institution to be 
persons, other than a foreign operating entity, that satisfies the         defined  as  one  for  return  filing  purposes.  A  UBG  of  financial 
following criteria:                                                        institutions must file a combined return on this Form 4590 that 
                                                                           includes each member of the group that is a financial institution.
• One of the persons owns or controls, directly or indirectly, 
  more than 50 percent of the ownership interest with voting               Taxpayer Certification
  rights  (or  rights  comparable  to  voting  rights)  of  the  other     A  return  filed  by  a  UBG  must  be  signed  by  an  individual 
  United States persons; AND                                               authorized to sign on behalf of the DM. Provide the telephone 
• The  UBG  has  operations  which  result  in  a  flow  of  value         number of that individual at the DM’s office.

  between  persons  in  the  UBG  or  has  operations  that  are           Line-by-Line Instructions
  integrated  with,  are  dependent  upon,  or  contribute  to  each 
  other. Flow of value is determined by reviewing the totality of          Lines not listed are explained on the form.
  facts and circumstances of business activities and operations.           Dates must be entered in MM-DD-YYYY format.
All  financial  institution  members  of  a  UBG  must  file  a            For periods less than 12 months, see the “General Information 
combined Form 4590 for the group with a Designated Member                  for Financial Institutions” in the MBT Forms and Instructions 
(DM) who must be the controlling member of the group, unless               for Financial Institutions (Form 4599).

                                                                                                                                     11

- 14 -

UBGs: Complete Form 4752 before beginning Form 4590. Line 6: Enter the date, if applicable, on which the taxpayer went
Amended Returns: To amend a current or prior year annual out of business. To file a discontinuance for Michigan taxes,
return, complete the Form 4590 that is applicable for that year, use Michigan Treasury Online (MTO). Visit www.michigan.
check the box in the upper-right corner of the return, and attach gov/mtobusiness for more information.subject to another tax
a separate sheet explaining the reason for the changes. Include an administered by Treasury, do not use this line. Also, do not use
amended federal return or a signed and dated Internal Revenue this line if the taxpayer is a UBG and one member has stopped
Service (IRS) audit document. Include all schedules filed with doing business.
the original return, even if not amending that schedule. Enter the Line 7: Use the taxpayer’s Federal Employer Identification
figures on the amended return as they should be. Do not include Number (FEIN) or the Michigan Treasury (TR) assigned
a copy of the originally filed return with the amended return. number. Be sure to use the same account number on all forms.
A taxpayer may not amend to revoke the election to remain If the taxpayer does not have an FEIN or TR number,
taxable under the MBT. Once the taxpayer makes a valid election the taxpayer MUST register before filing this form.
to claim a certificated credit, the taxpayer must remain in the Taxpayers are encouraged to register online at
MBT until the credit and any carryforward of that credit are www.michigan.gov/businesstaxes. The Web site provides
exhausted. information on obtaining an FEIN, which is required to submit
Line 1: Unless a calendar year, enter the beginning and ending taxes through e-file. Taxpayers usually can obtain an FEIN from
dates (MM-DD-YYYY) that correspond to the taxable period the IRS within 48 hours. Taxpayers registering with the State
as reported to the IRS. online usually receive an account number within seven days.
Tax year means the calendar year, or the fiscal year ending Returns received without a registered account number will not
during the calendar year, upon the basis of which the tax base be processed until such time as a number is provided.
of a taxpayer is computed. If a return is made for a fractional UBGs: Enter the FEIN or TR Number for the DM of the
part of a year, tax year means the period for which the return financial group.
covers. Generally, a taxpayer’s tax year is for the same period
as is covered by its federal income tax return. Line 8: Check the box that describes the DM’s organization
type. A Trust or a Limited Liability Company (LLC) should
Fiscal Year Filers: See “Supplemental Instructions for Fiscal check the appropriate box based on its federal return.
MBT Filers — Financial Institutions” in Form 4599.
NOTE: A person that is a disregarded entity for federal tax
Line 2: Enter the complete address and, if other than the purposes, including a single member LLC or Q-Sub, must file
United States, enter the two-digit abbreviation for the country as if it were a sole proprietorship if owned by an individual, or
code. See the list of country codes in Form 4599. a branch or division if owned by another business entity.
Any correspondence regarding the return filed and/or refund Line 8a: If the taxpayer meets the definition of financial institution
will be sent to the address used here. Check the new address and is filing this form, but is authorized to exercise only trust
box if the address used on this line has changed from the last powers, check this box. See line 23 for additional instructions.
filing. The taxpayer’s primary address in the Department of
Treasury (Treasury) files, identified as the legal address and UBG: If any member of a UBG is a financial institution that
used for all purposes other than refund and correspondence is authorized to exercise only trust powers, the UBG should
on a specific MBT return, will not change until the customer check this box.
specifically makes the change on their Michigan Treasury Line 9: Check this box if filing a Michigan UBG return and
Online (MTO) account. Visit michigan.gov/mtobusiness for include Form 4752. For MBT, taxpayer means a person or a
more information. UBG liable for tax, interest, or penalty.
Exception: If mail sent to the legal address has been returned Lines 10a through 10c: A taxpayer may apportion on lines
to Treasury by the United States Postal Service, Treasury will 10a through 10c only if its business activities are subject
update the taxpayers legal address with the address used on to tax both within and outside of Michigan. A financial
this line in the most recent MBT return. institution is subject to tax in another state, as that term is
UBGs: In the Name field, enter the name of the DM for the used here, only if:
financial institutions. • It is subject to a Business Privilege Tax, a Net Income Tax, a
Line 3: Enter a brief description of the principal types of Franchise Tax measured by net income, a Franchise Tax for
financial services in which the taxpayer is engaged. the privilege of doing business, or a corporate stock tax or
a tax of the type imposed under the MBT Act in that other
Line 4: Enter the start date of first business activity in Michigan. state; OR
Line 5: Enter the entity’s six-digit North American Industry • That other state has jurisdiction to subject the financial
Classification System (NAICS) code. For a complete list of institution to one or more of the taxes listed above regardless
six-digit NAICS codes, see the U.S. Census Bureau Web site of whether that state does or does not subject the financial
at www.census.gov/eos/www/naics/, or enter the same NAICS institution to such a tax.
code used when filing the entity’s U.S. Form 1120, Schedule K,
U.S. Form 1120S, or U.S. Form 1065. Under MCL 208.1261(g), gross business means the sum of the

- 15 -

following less transactions between those entities included in a UBG:           are  in  Michigan  if  the  financial  institution’s  customer  is 
                                                                                in  Michigan.  If  the  location  of  the  financial  institution’s 
i.  Fees,  commissions,  or  other  compensation  for  financial 
                                                                                customer cannot be determined, both of the following apply:
services.
ii. Net  gains,  not  less  than  zero,  from  the  sale  of  loans  and        ○ Interest, dividends, and other income from investment 
other intangibles.                                                                  assets  and  activities  and  from  trading  assets  and 
                                                                                    activities,  including,  but  not  limited  to,  investment 
iii. Net gains, not less than zero, from trading in stocks, bonds, 
                                                                                    securities;  trading  account  assets;  federal  funds; 
or other securities.
                                                                                    securities  purchased  and  sold  under  agreements 
iv. Interest charged to customers for carrying debit balances of                    to  resell  or  repurchase;  options;  futures  contracts; 
margin accounts.                                                                    forward  contracts;  notional  principal  contracts  such 
v.  Interest and dividends received.                                                as  swaps;  equities;  and  foreign  currency  transactions 
vi. Any other gross proceeds resulting from the operation as a                      are  in  Michigan  if  the  average  value  of  the  assets  is 
financial institution.                                                              assigned to a regular place of business of the taxpayer 
                                                                                    in  Michigan.  Interest  from  federal  funds  sold  and 
For a UBG that includes financial institutions, gross business 
                                                                                    purchased  and  from  securities  purchased  under  resale 
includes  gross  business  in  Michigan  of  every  financial 
                                                                                    agreements  and  securities  sold  under  repurchase 
institution included in that UBG without regard to whether the 
                                                                                    agreements  are  in  Michigan  if  the  average  value  of 
financial  institution  has  nexus  in  Michigan.  Gross  business 
                                                                                    the assets is assigned to a regular place of business of 
between  financial  institutions  included  in  a  UBG  must  be 
                                                                                    the taxpayer in Michigan. The amount of receipts and 
eliminated in calculating the gross business factor.
                                                                                    other  income  from  investment  assets  and  activities  is 
Gross  business  is  determined  to  be  in  Michigan  under                        in Michigan if assets are assigned to a regular place of 
extensive guidelines found at MCL 208.1269. These guidelines                        business of the taxpayer in Michigan.
are summarized as follows:                                                      ○ The  amount  of  receipts  from  trading  assets  and 
•   Receipts from credit card receivables including interest and                    activities,  including,  but  not  limited  to,  assets  and 
    fees  or  penalties  in  the  nature  of  interest  from  credit  card          activities  in  the  matched  book,  in  the  arbitrage  book, 
    receivables  and  receipts  from  fees  charged  to  credit  card               and  foreign  currency  transactions,  but  excluding 
    holders  such  as  annual  fees  are  in  Michigan  if  the  billing            amounts  otherwise  sourced  in  this  section,  are  in 
    address of the credit card holder is located in Michigan.                       Michigan if the assets are assigned to a regular place of 
                                                                                    business of the taxpayer in Michigan.
•   Credit  card  issuer’s  reimbursement  fees  are  in  Michigan 
                                                                              • Interest  charged  to  customers  for  carrying  debit  balances 
    if  the  billing  address  of  the  credit  card  holder  is  located  in 
                                                                                on margin accounts without deduction of any costs incurred 
    Michigan.
                                                                                in carrying the accounts is in Michigan if the customer is 
•   Receipts  from  merchant  discounts  are  in  Michigan  if  the             located in Michigan.
    commercial domicile of the merchant is in Michigan.
                                                                              • Interest from loans secured by real property is in Michigan 
•   Loan  servicing  fees  are  in  Michigan  under  any  of  the               if  the  property  is  located  in  Michigan,  if  the  property  is 
    following circumstances:                                                    located both within Michigan and one or more other states 
    ○ For a loan secured by real property, if the real property                 and more than 50 percent of the fair market value of the real 
         for which the loan is secured is in Michigan.                          property is located in Michigan, and if more than 50 percent 
    ○ For a loan secured by real property, if the real property                 of the fair market value of the real property is not located 
         for  which  the  loan  is  secured  is  located  both  in              within any one state but the borrower is located in Michigan.
         Michigan and in one or more other states and more than               • Interest  from  loans  not  secured  by  real  property  is  in 
         50 percent of the fair market value of the real property               Michigan if the borrower is located in Michigan.
         is located in Michigan.                                              • Net  gains  from  the  sale  of  loans  secured  by  real  property 
    ○ For  a  loan  secured  by  real  property,  if  more  than  50            or  mortgage  service  rights  relating  to  real  property  are  in 
         percent of the fair market value of the real property for              Michigan if the property is in Michigan, if the property is 
         which the loan is secured is not located within any one                located both within Michigan and one or more other states 
         state but the borrower is located in Michigan.                         and more than 50 percent of the fair market value of the real 
                                                                                property is located in Michigan, or if more than 50 percent 
    ○ For a loan not secured by real property, the borrower is 
                                                                                of the fair market value of the real property is not located in 
         located in Michigan.
                                                                                any one state, but the borrower is located in Michigan.
•   Receipts from services are in Michigan if the recipient of the 
                                                                              • Net gains from the sale of loans not secured by real property 
    services receives all of the benefit of the services in Michigan. 
                                                                                or  any  other  intangible  assets  are  in  Michigan  if  the 
    If  the  recipient  of  the  services  receives  some  of  the  benefit 
                                                                                depositor or borrower is located in Michigan.
    of the services in Michigan, the receipts are included in the 
    numerator  of  the  apportionment  factor  in  proportion  to  the        • Receipts from the lease of real property are in Michigan if 
    extent  that  the  recipient  receives  benefit  of  the  services  in      the property is located in Michigan.
    Michigan.                                                                 • Receipts from the lease of tangible personal property are in 
                                                                                Michigan if the property is located in Michigan when it is 
•   Receipts  from  investment  assets  and  activities  and  trading 
                                                                                first placed in service by the lessee.
    assets  and  activities,  including  interest  and  dividends, 

                                                                                                                                             13

- 16 -

• Receipts from the lease of transportation tangible personal described in Section 3 of the Shared Credit Rating Act, Public
property are in Michigan if the property is used in Michigan Act 227 of 1985, MCL 141.1053.
or if the extent of use of the property in Michigan cannot
Line 14: Under MCL 208.1261(s), United States obligations
be determined but the property has its principal base of
means all obligations of the United States exempt from taxation
operations in Michigan.
under 31 USC 3124(a) or exempt under the United States
UBGs: Carry amount from Form 4752, line 2C, to line 10a, and constitution or any federal statute, including the obligations
the amount from Form 4752, line 3C, to line 10b. of any instrumentality or agency of the United States that are
exempt from state or local taxation under the United States
PART 1: FRANCHISE TAX
constitution or any statute of the United States.
The following tax base calculation involves a five-year average
of net capital. Enter data from the current tax year and four Line 17a: If this taxpayer owns a subsidiary that is an
most recent MBT tax years to complete the five-year table. For authorized insurance company, enter the actual amount of the
purposes of this table, treat a partial year as a full year. If the capital fund maintained within that subsidiary. This does not
current and four preceding tax periods include any short periods, include a captive insurance company.
the years printed in column headings for this part will not apply Line 17b: Enter the minimum capital fund amount required by
accurately. For example, a financial institution has a fiscal year regulations for that insurance subsidiary.
end of June 30 and its current tax year is a short year ending Line 19: Add line 18, columns A through E. If that amount is
September 30, 2020. That financial institution reports the periods less than zero, enter zero.
ending September 30, 2020, June 30, 2020, June 30, 2019, June
30, 2018, and June 30, 2017. UBGs: Add the amount on Form 4752, line 24 for all members
and report the total here. If that combined number is less than
Short periods: For a filing period less than one full year, in lines zero, enter zero.
11 through 14, 17a, and 17b for each of the five columns enter the
actual number multiplied by a fraction, the numerator of which Line 20: Divide line 19 by 5; however, if the taxpayer has been
is the number of calendar months in the short period, and the in existence for fewer than 5 years. divide by the number of
denominator of which is 12. If the short period includes a partial years of the taxpayer’s existence. Number of years in existence
calendar month, round down for less than 16 days, and round up should equal the number of columns reported on this form.
for more than 15 days. Exception: If the entire short period is less UBGs: Divide line 19 by 5; however, if the taxpayer (UBG) has
than 16 days long, count that as one month. been in existence for fewer than 5 years. divide by the number
UBGs: Leave lines 11 though 18 blank, complete line 19 with of years of the UBG’s existence.
combined data from Form 4752, line 24, and proceed with the Line 27: Enter nonrefundable credits from the MBT
rest of the lines on Form 4590. Nonrefundable Credits Summary (Form 4568), line 40. Note
Part 1; Lines 11-14, Line 17a and Line 17b: Fiscal Year that these credits have strict eligibility requirements, and only
Filers: See “Supplemental Instructions for Fiscal MBT Filers the following are available to a financial institution:
— Financial Institutions” in Form 4599. • SBT credit carryforwards (Single Business Tax (SBT) Credit
Carryforwards (Form 4569))
Line 11: Enter equity capital as of the last day of the filing
period, as computed in accordance with generally accepted • Compensation Credit (claimed on the MBT Credits for
accounting principles. If the financial institution does not Compensation, Investment, and Research and Development
maintain its books and records in accordance with generally (Form 4570))
accepted accounting principles, net capital must be computed • Renaissance Zone Credit (claimed on the MBT Renaissance
in accordance with the books and records used by the financial Zone Credit Schedule (Form 4595))
institution, so long as the method fairly reflects the financial • Individual or Family Development Account Credit (claimed
institution’s net capital for purposes of MBT. If the financial on the MBT Miscellaneous Nonrefundable Credits (Form
institution owns a subsidiary that is an authorized insurance 4573))
company, the equity capital of the insurance subsidiary is not • Brownfield Redevelopment Credit (calculated on the MBT
included in the financial institution’s equity capital. Attach Election of Refund or Carryforward of Credits (Form 4584))
supporting schedules.
• Historic Preservation Credit (calculated on Form 4584)
UBGs: In completing the combined return, a member of a • Film Infrastructure Credit (as assignee only)
unitary business group of financial institutions eliminates its
investment in the positive Equity Capital of other members of the Line 29: Recapture of certain credits is entered on MBT
same group. Eliminations occur to Equity Capital at the member Schedule of Recapture of Certain Business Tax Credits and
level. Because each member of the group must compute the Net Deductions (Form 4587). For a financial institution, these are the
Capital tax base in accordance with GAAP, each member should Michigan Economic Growth Authority (MEGA) Employment
represent a positive or zero Equity Capital before Eliminations. Tax Credit and Brownfield Redevelopment Credit. If the taxpayer
Thus, the resulting unitary return for MBT may not exactly experienced recapture of either of these credits during the filing
correlate to the group’s federal returns or consolidated GAAP period, complete Form 4587 and carry the result to this line.
equity but will comply with the requirements of the MBT.
Line 13: Under MCL 208.1261(k), Michigan obligations means
a bond, note, or other obligation issued by a governmental unit

- 17 -

PART 2: PAYMENTS, REFUNDABLE CREDITS, Estimated Tax (Form 4582) to compute penalty and interest
AND TAX DUE due. If a taxpayer chooses not to file this form, Treasury will
UBGs: On lines 33 through 39, enter combined data for all compute penalty and interest and bill for payment. (Form 4582
members included on this combined return. is available on the Web at www.michigan.gov/taxes.)
Line 33: Enter overpayment credited from prior MBT return. Line 42: Enter the annual return penalty rate in line 42a. Add
the overdue tax penalty in line 42b to the overdue tax interest
Line 34: Enter total payments made with the MBT Quarterly
in line 42c. Enter total in line 42d.
Return (Form 4548), the MBT estimates paid with the
Combined Return for Michigan Taxes (Form 160) or via Refer to the “Computing Penalty and Interest” section in Form 4599
Electronic Funds Transfer (EFT). Include all payments made to determine the annual return penalty rate and use the “Overdue
toward the current filing period. Tax Penalty” and “Overdue Tax Interest” worksheets below.
Line 35: Enter the total withholding payments made on your
WORKSHEET – OVERDUE TAX PENALTY
behalf by flow-through entities (FTEs). Include all withholding
payments made on returns that apply to the tax year included A. Tax due from Form 4590, line 40 ........ 00
in this return. Included on this line would be Flow-Through B. Late/extension or insufficient
Withholding (FTW) payments made by flow-through entities payment penalty percentage ................ %
whose tax years ended with or within the tax year included in C. Multiply line A by line B ..................... 00
this return. For example, consider an FTE partnership with a Carry amount from line C to Form 4590, line 42b.
June 30 year end and a taxpayer that has a March 31 year end
and is an owner of the FTE. The FTE will make quarterly WORKSHEET – OVERDUE TAX INTEREST
FTW payments in April 2014 (for its quarter ending March A. Tax due from Form 4590, line 40 ........ 00
31) and July 2014 (for its quarter ending June 30), and will file B. Applicable daily interest percentage .... %
an annual FTW reconciliation return (Form 4918) for its year C. Number of days return was past due ...
ending June 30, 2014. Because the FTE’s tax year ends within D. Multiply line B by line C ....................
the taxpayer’s 2014-15 fiscal year, all the FTW payments for E. Multiply line A by line D .................... 00
that taxpayer are attributable to the taxpayer’s 2014-15 fiscal
Carry amount from line E to Form 4590, line 42c.
year, regardless of the dates of the quarterly payments.
If an amount is entered on this line, complete the MBT Line 42c: NOTE: If the late period spans more than one
Schedule of Flow-Through Withholding (Form 4966) to interest rate period, divide the late period into the number
account for the Flow-Through Withholding payments received. of days in each of the interest rate periods identified in the
The amount entered on this line must equal the sum of the “Computing Penalty and Interest” section in Form 4599, and
combined amount from Form 4966, column E. apply the calculations in the “Overdue Tax Interest” worksheet
separately to each portion of the late period.
NOTE: Flow-through withholding is repealed effective with
FTEs’ tax years beginning after June 30, 2016, under Public Combine these interest subtotals and carry the total to Form
Act 158 of 2016. A CIT taxpayer should not have had any tax 4590, line 42c.
withheld on its behalf by FTEs with tax years beginning after PART 3: REFUND OR CREDIT FORWARD
June 30, 2016.
Line 44: If the amount of the overpayment, less any penalty
Line 37: Enter refundable credits from the MBT Refundable and interest due on lines 41 and 42d is less than zero, enter the
Credits (Form 4574), line 23. difference (as a positive number) on line 43. If the amount is
greater than zero, enter on line 44.
Only the following are available to a financial institution:
• MEGA Employment Tax Credit (claimed on Form 4574) NOTE: If an overpayment exists, a taxpayer must elect a
• Historic Preservation Credit (calculated on Form 4584) refund of all or a portion of the amount and/or designate all or
• Brownfield Redevelopment Credit (calculated on Form 4584) a portion of the overpayment to be used as an estimate for the
next MBT tax year. Complete lines 45 and 46 as applicable.
• Film Production Credit (as assignee only)
• MEGA Photovoltaic Technology Credit (as assignee only). Line 45: If the taxpayer anticipates an MBT liability in the
filing period subsequent to this return, some or all of any
Amended Returns Only: overpayment from line 44 may be credited forward to the next
Line 39a: Enter payment made with original return. tax year as an estimated payment. Enter the desired amount to
Line 39b: Enter overpayment calculated on the original use as an estimate for the next MBT of Corporate Income Tax
return (regardless of whether it was refunded or (CIT) tax year, whichever is applicable.
applied as a credit forward)
Reminder: Taxpayers must sign and date returns. Tax
Line 39c: Add lines 38 and 39a and subtract line 39b from preparers must provide a Preparer Taxpayer Identification
the sum. Number (PTIN), FEIN or Social Security number (SSN), a
Line 41: If penalty and interest are owed for not filing business name, and a business address and phone number.
estimated returns or for underestimating tax, complete
the MBT Penalty and Interest Computation for Underpaid

- 18 -

Other Supporting Forms and Schedules
Federal Forms: Attach copies of these forms to the return.
• Corporations:  U.S.  Form  1120  (pages  1  through  4), 
  Schedule D, Form 851, Form 4562, and Form 4797. If filing 
  as part of a consolidated federal return, attach a pro forma 
  or consolidated schedule.
• S Corporations:  U.S.  Form  1120-S  (pages  1  through  4)*, 
  Schedule  D,  Form  851,  Form  4562,  Form  4797,  and  Form 
  8825.
• Fiduciaries: U.S. Form 1041 (pages 1 through 2), Schedule 
  D, and Form 4797.
• Limited Liability Companies:  Attach  appropriate 
  schedules shown above based on federal return filed.
*  Do  not  send  copies  of  K-1s.  Treasury  will  request  them  if 
necessary.

16

- 19 -

Michigan Department of Treasury
4752 (Rev. 04-21), Page 1 of 4 Attachment 25

2021 MICHIGAN Business Tax Unitary Business Group
Combined Filing Schedule for Financial Institutions
Issued under authority of Public Act 36 of 2007.
IMPORTANT: Read the instructions before completing this form
Designated Member Name Federal Employer Identification Number (FEIN) or TR Number

PART 1: UNITARY BUSINESS GROUP (UBG) MEMBERS
List the UBG members whose activity is included on the combined return supported by this form, beginning with the Designated Member (DM). Include all
UBG members (with or without nexus), except those excluded in Part 3. If more than one page is needed, repeat the DM’s name and FEIN or TR Number
in the field at the top of the page, but not on line 1.
1. A B
Member Name FEIN or TR Number

PART 2A: APPORTIONMENT DATA FOR COMBINED RETURN
If more than one page is needed to complete Part 1, duplicate answers on lines 2 and 3 on all copies of this page.

A B C
Combined Total Combined Total
Before Eliminations Eliminations After Eliminations

2. Michigan Gross Business. Carry 2C to Form 4590, line 10a .......

3. Total Gross Business. Carry 3C to Form 4590, line 10b ...........

+ 0000 2021 85 01 27 8 Continue on Page 2.

- 20 -

2021 Form 4752, Page 2 of 4 Designated Member FEIN or TR Number

PART 2B: MEMBER DATA FOR COMBINED RETURN
Complete a separate copy of Part 2B for each UBG member listed in Part 1. Add the amount on line 24 for all members and carry the total to
Form 4590, line 19. See instructions for additional guidance on completing Form 4752 and Form 4590.

4. Member Name 7. Organization Type

5. Member FEIN or TR Number Fiduciary S Corporation /
LLC S Corporation
6. Member Address (Street) C Corporation / Partnership /
LLC C Corporation LLC Partnership
City State ZIP/Postal Code

Beginning Ending
8. Federal Tax Period Included in 12. Check if Nexus with Michigan
Return (MM-DD-YYYY) ........................
9. If part year member, enter 13. Check if Registered for MBT
membership dates (MM-DD-YYYY) .....
10. NAICS Code 11. If discontinued, effective date 14. Check if New Member

15. Nature of business activities or operations resulting in a flow of value between members, or integration, dependence or contribution to other members

FRANCHISE TAX BASE — Lines 16 and 18-20: If less than zero, enter zero.
A B C D E
2017 2018 2019 2020 2021

16. Equity Capital ...................... 16.
17. Eliminations (enter as a
positive number) .................. 17.

18. Goodwill ............................... 18.
19. Average daily book value
of Michigan obligations ........ 19.
20. Average daily book value
of U.S. obligations ............... 20.
21. Subtract lines 17, 18, 19,
and 20 from line 16 .............. 21.
22. a. Authorized insurance co.
subsidiary: enter actual
capital fund amount ........ 22a.
b. Minimum regulatory
amount required ............ 22b.
c. Multiply line 22b by
125% (1.25) ................... 22c.
d. Subtract line 22c from
22a. If less than zero,
enter zero ...................... 22d.

23. Add lines 21 and 22d .......... 23.

24. Add lines 23A, 23B, 23C, 23D and 23E ................................................................................................................. 24. 00

25. Net Capital for Current Taxable Year. Divide line 24 by number of tax years reported above ................................ 25. 00

+ 0000 2021 85 02 27 6 Continue on Page 3.

- 21 -

2021 Form 4752, Page 3 of 4                                Designated Member FEIN or TR Number
                                                           Member FEIN or TR Number

CREDIT CARRYFORWARDS AND PAYMENTS.  See instructions

26. There is no amount to be entered on this line. Skip to line 28................................................................................                   26. X X X X X X X X 00

27. There is no amount to be entered on this line. Skip to line 28................................................................................                   27. X X X X X X X X 00

28. Unused MBT Basic/Enhanced Historic Preservation Credit carryforward ..............................................................                               28.                 00

29. Unused MBT Special Consideration Historic Preservation Credit carryforward .....................................................                                 29.                 00

30. Unused MBT Individual or Family Development Credit carryforward .....................................................................                            30.                 00

31. Unused MBT Brownfield Redevelopment Credit carryforward ...............................................................................                          31.                 00

32. Unused MBT Film Infrastructure Credit carryforward .............................................................................................                 32.                 00

33. Overpayment credited from prior MBT return .........................................................................................................             33.                 00

34. Estimated tax payments ......................................................................................................................................... 34.                 00

35. There is no amount to be entered on this line. Skip to line 36................................................................................                   35. X X X X X X X X 00

36. Tax paid with request for extension ........................................................................................................................     36.                 00

+ 0000 2021 85 03 27 4                                                                                                                                                   Continue on Page 4.

- 22 -

2021 Form 4752, Page 4 of 4                   Designated Member FEIN or TR Number

PART 3: AFFILIATES EXCLUDED FROM THE COMBINED RETURN OF FINANCIAL INSTITUTIONS
List every person (with or without nexus) for which the “greater than 50 percent” ownership test of a Michigan Unitary Business Group is satisfied, which is 
not included on the combined return of financial institutions that is supported by this form. Using the codes below, identify in column D why each person is 
not included in the combined return. If any persons listed here are part of a federal consolidated group, attach a copy of federal Form 851.  
REASON CODES FOR EXCLUSION:
 1. Lacks business activities resulting in a flow of value or integration, 6. Other.
    dependence or contribution to group.                                   7. Insurance company. (Insurance companies generally file separately.)
 2. Foreign operating entity.                                              9. Standard taxpayers not owned by a financial institution. (Financial 
 4. Foreign entity.                                                        institutions and standard taxpayers generally are not included on 
 5. Member has no MBT tax year (as a member of this UBG) ending            the same combined return.)
    with or within this filing period.

37. A                                    B                                          C                D E                                      F
  Number From                                                                                Reason    Check (X) if 
 Federal Form 851                                                                            Code for  Nexus with 
    (if applicable)                      Name                              FEIN or TR Number Exclusion Michigan                            NAICS Code

PART 4: PERSONS INCLUDED IN THE PRIOR COMBINED RETURN, BUT EXCLUDED FROM CURRENT RETURN
List persons included in the immediately preceding combined return of this Designated Member that are not included on the return supported by this form.  
Persons that satisfy the criteria of Part 3 and Part 4 should be listed in each part. See column C instructions for a list of reason codes.
38.                           A                                                     B                    C
                              Name                                         FEIN or TR Number         Reason This Person Is Not on Current Return

+ 0000 2021 85 04 27 2

- 23 -

                                             Instructions for Form 4752 
                    Michigan Business Tax (MBT) Unitary Business Group 
                         Combined Filing Schedule for Financial Institutions
                                                                         functional  integration  include  common  programs  or  systems 
Purpose
                                                                         and  shared  information  or  property.  Examples  of  centralized 
The purpose of this form is to:                                          management  include  common  management  or  directors,  shared 
                                                                         staff functions, and business decisions made for the UBG rather 
• Identify all members of a Unitary Business Group (UBG)
                                                                         than separately by each member. Examples of economies of scale 
• Gather  tax  return  data  for  each  member  included  in  the        include  centralized  business  functions  and  pooled  benefits  or 
financial  institution’s  combined  return  on  a  separate  basis,      insurance. Groups that commonly exhibit a flow of value include 
make appropriate eliminations, and determine combined UBG                vertically  or  horizontally  integrated  businesses,  conglomerates, 
data for the tax return.                                                 parent  companies  with  their  wholly  owned  subsidiaries,  and 
NOTE: This is not the primary return. It is designed to support          entities in the same general line of business. Flow of value must be 
the MBT Annual Return for Financial Institutions (Form 4590)             more than the mere flow of funds arising out of passive investment.
submitted  on  behalf  of  the  UBG  by  the  Designated  Member         Businesses  are  integrated  with,  are  dependent  upon,  or 
(DM).  Even  if  there  is  only  one  financial  institution  member    contribute to each other under many of the same circumstances 
represented on the return for the tax year, that member must             that establish flow of value. However, this alternate relationship 
file this form in support of its Form 4590.                              test  is  also  commonly  satisfied  when  one  entity  finances 
NOTE: Beginning January 1, 2012, only those taxpayers with               the  operations  of  another  or  when  there  exist  intercompany 
a certificated credit, which is awarded but not yet fully claimed        transactions, including financing.
or utilized, may elect to be MBT taxpayers. If a taxpayer files          For  more  information  on  the  control  and  relationship  tests 
an  MBT  return  and  claims  a  certificated  credit,  the  taxpayer    for  UBGs,  see  Revenue  Administrative  Bulletin  (RAB) 
makes  the  election  to  file  and  pay  under  the  MBT  until  the    2010-1,  MBT—Unitary  Business  Group  Control  Test,  and 
certificated  credit  and  any  carryforward  of  that  credit  are      RAB  2010-2,  MBT—Unitary  Business  Group  Relationship 
exhausted.  If  a  member  of  a  UBG  holds  a  certificated  credit    Tests,  on  the  Department  of  Treasury  (Treasury)  Web  site  at 
and  wishes  to  remain  taxable  under  the  MBT,  the  group  and      www.michigan.gov/treasury/  and  select  “Reports  &  Legal 
not the member must make the election.  The election should be           Resources.”
made by the DM; however, the Department will treat a filing by 
one member of the group claiming a certificated credit as if the 
                                                                         Filing Procedures for UBGs
election was made by the entire group.
Fiscal Year Filers: See “Supplemental Instructions for Fiscal            By  definition,  a  UBG  can  include  standard  taxpayers, 
MBT Filers — Financial Institutions” in the  MBT Forms and               insurance companies, and financial institutions. Note that an 
Instructions for Financial Institutions (Form 4599).                     entity that would otherwise be standard but is owned by and 
                                                                         unitary with a financial institution is defined by statute to be a 
General Information About UBGs in MBT                                    financial institution. In some cases, however, not all members 
                                                                         of  the  UBG  will  be  included  on  the  same  return.  Financial 
Unitary  Business  Group means  a  group  of  United  States             institution  members  file  a  combined  return  on  Form  4590, 
persons, other than a foreign operating entity, that satisfies the       with Form 4752 filed in support.
control test and relationship test.
                                                                         Form  4752  is  used  to  gather  and  combine  data  from  each 
United States person is defined in Internal Revenue Code (IRC)           financial institution member of the UBG to support the group’s 
§ 7701(a)(30). A foreign operating entity is defined by statute in       Form  4590  and  related  forms.  This  form  must  be  completed 
Michigan Compiled Laws (MCL) 208.1109(5).                                before the group’s Form 4590 and related forms are completed. 
Control Test. The  control  test  is  satisfied  when  one  person       If this UBG also includes standard and/or insurance company 
owns or controls, directly or indirectly, more than 50 percent           members, those members will not report tax data on this form, 
of the ownership interest with voting or comparable rights of            but will be listed as excluded affiliates in Part 3.
the other person or persons. A person owns or controls more              Standard members will combine and report their data using MBT 
than  50  percent  of  the  ownership  interest  with  voting  rights    Unitary Business Group Combined Filing Schedule for Standard 
or  ownership  interest  that  confer  comparable  rights  to  voting    Members (Form 4580) and MBT Annual Return (Form 4567).
rights of another person if that person owns or controls:
                                                                         Financial institutions include any of the following:
• More than 50 percent of the total combined voting power of 
all ownership interests with voting (or comparable) rights, or           ○ A  bank  holding  company,  a  national  bank,  a  state 
                                                                         chartered  bank,  an  office  of  thrift  supervision  chartered 
• More  than  50  percent  of  the  total  value  of  all  ownership 
                                                                         bank  or  thrift  institution,  or  a  savings  and  loan  holding 
interests with voting (or comparable) rights.
                                                                         company other than a diversified savings and loan holding 
Relationship Tests. Flow of value is established when members            company  as  defined  in  12  United  States  Code  (USC) 
of  the  group  demonstrate  one  or  more  of  functional  integration, 1467a(a)(1)(F), or a federally chartered Farm Credit System 
centralized  management,  and  economies  of  scale.  Examples  of       institution.

                                                                                                                                    21

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  ○ Any  person,  other  than  a  person  subject  to  the  tax     institution  member  that  owns  or  controls  the  other  financial 
  imposed  under  Chapter  2A  of  the  MBT  Act  (Insurance        institution members has nexus with Michigan, that controlling 
  Companies),  that  is  directly  or  indirectly  owned  by  an    member must serve as DM.
  entity described above and is a member of the UBG.
                                                                    If that controlling member does not have nexus with Michigan, 
  ○ A  UBG  of  entities  described  in  either  or  both  of  the  it  may  appoint  any  financial  institution  member  of  the  UBG 
  preceding two bullets.                                            with nexus to serve as DM. That DM must continue to serve 
Each  insurance  company  member  will  file  separately,  using    as such every year, unless it ceases to be a UBG member or the 
Insurance Company Annual Return for Michigan Business and           controlling member attains Michigan nexus.
Retaliatory Taxes (Form 4588). Because insurance companies 
                                                                    If a UBG is comprised of both standard members (not owned 
always file separately, rather than on a combined return, there 
                                                                    by  and  unitary  with  a  financial  institution  in  the  UBG)  and 
is no MBT insurance form that serves a function similar to that 
                                                                    financial institutions, the UBG will have two DMs (one for the 
of Forms 4580 and 4752.
                                                                    standard  members  completing  Form  4567  and  related  forms, 
                                                                    and one for the financial institution members completing Form 
Example A: UBG A is composed of the following:                      4590 and related forms).
•   Four standard members                                                                              The DM files the MBT return 
                                                                    Role of the Designated Member:
•   Three financial institutions (all with nexus in Michigan)       on  behalf  of  the  UBG  for  MBT  purposes.  Only  the  DM  may 
•   Two insurance companies.                                        file a valid extension request for the UBG. Treasury maintains 
                                                                    the  UBG’s  MBT  tax  data  (e.g.,  prior  MBT  returns,  business 
All members of UBG A are owned by and unitary with one              loss carryforward, tax credit carryforward, overpayment credit 
of the standard members of the UBG. UBG A will need to              forward) under the DM’s name and account number.
file Form 4580 and Form 4567 containing the four standard 
members  and  Form  4752  and  Form  4590  containing  the 
three  financial  institutions.  In  Part  1  of  each  form,  only Line-by-Line Instructions
the members that are included on that form (either the four         Lines not listed are explained on the form. 
standard  members,  or  the  three  financial  institutions)  will 
be  listed.  Form  4580  with  standard  members  will  be  filed   Dates must be entered in MM-DD-YYYY format. 
under the name and Federal Employer Identification Number           For additional guidance, see the “Supplemental Instructions for 
(FEIN)  of  the  group’s  standard  DM.  One  of  the  financial    Standard Members in UBGs” in Form 4599.
institutions will serve as DM for those three members and 
file Form 4752 and Form 4590. On Part 3 of Form 4580, list          Part 1: Unitary Business Group Members
all  financial  and  insurance  members.  On  Part  3  of  Form     In  Part  1,  list  only  those  members  of  the  UBG  that  are 
4752,  list  all  standard  and  insurance  members.  The  two      included on the annual return that is supported by this copy 
insurance companies each will file a stand-alone Form 4588.         of  this  form.  If  more  than  16  members,  include  additional 
                                                                    4752  forms  as  needed,  repeating  the  DM’s  name  and  FEIN 
Example B: UBG B is composed of the following:                      or  Michigan  Treasury  (TR)  assigned  number  in  the  field  at 
•   Four  members  that  would  be  standard  (see  below)          the  top  of  each  page.  All  excluded  UBG  members  will  be 
    unless owned by a financial institution                         identified in Part 3.
•   Three financial institutions (all with nexus in Michigan)       Lines  1A and 1B:      Beginning  with  the  DM,  list  the  UBG 
•   Two insurance companies.                                        financial institution members and their corresponding FEIN or 
                                                                    TR Number.
All  members  of  UBG  B  are  owned  by  and  unitary  with 
one  of  the  financial  institutions  in  the  UBG.  Due  to  this NOTE: A taxpayer that is a UBG must file a combined return 
ownership by a financial institution, the four members that         using the tax year of the DM. The combined return of the UBG 
otherwise  would  be  standard  are  defined  by  statute  to  be   must  include  each  tax  year  of  each  member  whose  tax  year 
financial institutions. (See definition of financial institution    ends with or within the tax year of the DM. For
earlier  in  these  instructions.)  Therefore,  this  UBG  will     example, Taxpayer ABC is a UBG comprised of three financial 
not  file  a  Form  4580  or  4567.  Seven  members  will  file  a  institutions: Member A, the DM with a calendar tax year, and 
combined  return  on  Form  4590  and  4752,  listing  the  two     Members B and C with fiscal years ending March 31, 2019,
insurance members as excluded affiliates on Part 3 of Form 
4752. The two insurance companies each will file a stand-           and  September  30,  2019,  respectively.  Taxpayer  ABC’s  tax 
alone Form 4588.                                                    year  is  that  of  its  DM.  Thus,  Taxpayer  ABC’s  tax  year  ends 
                                                                    December 31, 2019, and its annual return is due April 30, 2020.
To complete this form and prepare a combined return, the UBG        That annual return must include the tax years of Members B 
must select a DM. For purposes of a combined return filed by        and C ending March 31, 2019, and September 30, 2019.
financial  institution  members  of  a  UBG, Designated  Member 
                                                                    If, in the previous example, Member A, the DM, instead had a 
means  a  financial  institution  member  that  has  nexus  with 
                                                                    fiscal year ending July 31, 2020, the UBG’s tax year would end 
Michigan and that will file the combined MBT return on behalf 
                                                                    July 31, 2020, and its annual return would be due November 30, 
of all financial institution members of the UBG. If the financial 

22

- 25 -

2020. The combined return for the UBG would include                       federal tax year during which both tests were satisfied.  These 
                                                                          dates  constitute  a  short  tax  period  for  MBT  purposes,  even 
Member A’s tax year of August 1, 2019 through July 31, 2020, 
                                                                          if  there  is  no  corresponding  short  federal  tax  period.  This 
Member  B’s  tax  year  of  April  1,  2019  through  March  31, 
                                                                          member must prepare a pro forma federal return calculation for 
2020  and  Member  C’s  tax  year  of  October  1,  2018  through 
                                                                          the portion of its federal year during which it was a member of 
September 30, 2019.
                                                                          this UBG, and use that pro forma calculation as the basis for 
Part 2A: Apportionment Data for Combined Return                           reporting the tax data required by Part 2B.
When  completing  Part  1,  if  multiple  copies  of  this  page  are 
                                                                          Line  10: Enter the taxpayer’s six-digit North American Industry 
required, provide the same answers to Part 2A, lines 2 and 3, 
                                                                          Classification System (NAICS) code. For a complete list of six-
on each copy of this page that is submitted. 
                                                                          digit  NAICS  codes,  see  the  U.S.  Census  Bureau  Web  site  at 
Line  2:  Gross  business  is  defined  in  the  instructions  to         www.census.gov/eos/www/naics/,  or  enter  the  same  NAICS 
Form 4590, line 10a. On a combined return, gross business is              code  used  when  filing  U.S.  Form 1120S,  U.S.  Form  1065, 
calculated  after  eliminating  transactions  between  financial          Schedule C of U.S. Form 1040, or Schedule K of U.S. Form 1120.
institution  members  of  the  UBG.  Enter  combined  gross 
                                                                          Line  11: Enter the date, if applicable, on which this member 
business  in  Michigan  of  all  financial  institution  members 
                                                                          went out of existence. Examples include dissolution of an entity 
on line 2A, show eliminations on line 2B, and show net after 
                                                                          and  a  merger  in  which  this  member  was  not  the  surviving 
eliminations on line 2C.
                                                                          entity. Include any event in which the FEIN ceases to be used 
Carry amount from line 2C to line 10a on Form 4590.                       by  this  entity.  If  this  member  continues  to  exist,  DO  NOT 
                                                                          use this column to report that this member has stopped doing 
Line  3:  Enter  all  gross  business  everywhere  on  line  3A,  show    business in Michigan.
eliminations on line 3B, and show net after eliminations on line 3C.
                                                                          Line  12: If  this  member  has  nexus  with  Michigan, 
Carry amount from line 3C to line 10b on Form 4590.                       check  this  box.  Guidance  in  determining  nexus  can  be 
Part 2B: Member Data for Combined Return                                  found  in  RABs  2007-6  and  2008-4,  available  online  at 
                                                                          www.michigan.gov/taxes.  (Click  on  the  “Reference  Library” 
In  all  cases  with  one  or  more  financial  institutions  in  a  UBG, link at left side of that Web page.)
complete one copy of Part 2B for each financial institution in the 
UBG whose net capital is reported on this return. Note that an            Line  14: This line does not apply to the first MBT return filed 
entity that would otherwise be a standard member but is owned             by this UBG. For subsequent tax periods, check this box if this 
by and unitary with a financial institution is defined by statute to      member was not included in the UBG’s preceding MBT return.
be a financial institution. If a financial institution member (other 
                                                                          Line  15:  Enter  a  concise  description  of  the  activities  or 
than the DM) has two or more federal tax periods ending with or 
                                                                          operations  of  this  member  that  result  in  a  flow  of  value 
within the filing period of this return, use a separate copy of Part 
                                                                          between  this  member  and  others  in  the  UBG,  or  integration, 
2B for each of that member’s federal periods.
                                                                          dependence,  or  contribution  to  other  members.  This  is 
Line  7: Identify the organization type of this member:                   not  limited  to  transactions  that  are  recognized  for  tax  or 
                                                                          accounting  purposes.  It  may  include  sharing  of  assets, 
• Fiduciary  (a  decedent’s  estate,  and  a  Trust  taxed  federally 
                                                                          employees,  data,  business  opportunities,  or  other  resources. 
as a Trust under Subchapter J of the IRC. A grantor Trust or 
                                                                          (See RAB 2010-2.)
“revocable  living  Trust”  established  by  an  Individual  is  not 
taxed  as  a  separate  entity,  and  is  not  within  this  Fiduciary    Line 16:  Enter  equity  capital  as  of  the  last  day  of  the  filing 
category.);                                                               period,  as  computed  in  accordance  with  generally  accepted 
• C  Corporation  (including  an  LLC,  Trust,  or  other  entity         accounting  principles.  If  the  member  does  not  maintain  its 
taxed  federally  as  a  Corporation  under  Subchapter  C  of  the       books  and  records  in  accordance  with  generally  accepted 
IRC).                                                                     accounting  principles,  net  capital  must  be  computed  in 
• S Corporation (including an LLC, Trust, or other entity taxed           accordance with the books and records used by the member, so 
federally as a Corporation under Subchapter S of the IRC).                long as the method fairly reflects the member’s net capital for 
                                                                          purposes of this tax.
• Partnership (including an LP, LLP, LLC, Trust, or any other 
entity taxed federally as a Partnership).                                 NOTE:  In  completing  the  combined  return,  a  member  of  a 
                                                                          unitary  business  group  of  financial  institutions  eliminates  its 
NOTE:  A  person  that  is  a  disregarded  entity  for  federal  tax 
                                                                          investment  in  the  positive  Equity  Capital  of  other  members 
purposes, including a single member LLC or Q-Sub, must file 
                                                                          of  the  same  group.  Eliminations  occur  to  Equity  Capital  at 
as if it were a sole proprietorship if owned by an individual, or 
                                                                          the  member  level.  Because  each  member  of  the  group  must 
a branch or division if owned by another business entity. 
                                                                          compute the Net Capital tax base in accordance with GAAP, 
Line  8:  List  the  member’s  tax  year,  for  federal  income  tax      each member should represent a positive or zero Equity Capital 
purposes,  from  which  business  activity  is  being  reported  on       before  Eliminations.  Thus,  the  resulting  unitary  return  for 
this copy of Part 2B.                                                     MBT may not exactly correlate to the group’s federal returns 
                                                                          or  consolidated  GAAP  equity  but  will  comply  with  the 
Line  9: If the control test and relationship test were not both 
                                                                          requirements of the MBT.
satisfied  for  this  member’s  entire  federal  tax  year,  enter  the 
beginning and ending dates of the period within this member’s             Line 17:  In  completing  the  combined  return,  a  member  of  a 

                                                                                                                                   23

- 26 -

unitary  business  group  of  financial  institutions  eliminates  its      See  the  “Supplemental  Instructions  for  Standard  Members 
investment in the positive Equity Capital of other members of the           in  UBGs”  in  Form  4599  for  information  on  the  effects  of 
same group. Eliminations occur to Equity Capital at the member              members leaving or joining a UBG on credit carryforwards.
level. Enter on this line the member’s investment in the positive 
Equity Capital of other members of the same group.
                                                                            TOTALING MEMBER INFORMATION
Line  19:  Under  MCL  208.1261(k),       Michigan  obligations 
means  a  bond,  note,  or  other  obligation  issued  by  a                Member information for lines 26-32 from Form 4752 are 
governmental unit described in Section 3 of the Shared Credit               totaled and carried to other forms in the MBT return. The 
Rating Act, PA 227 of 1985, MCL 141.1053.                                   table below matches the lines of Form 4752 on the left 
                                                                            with the corresponding lines on the right. 
Line  20:  Under  MCL  208.1261(s), United  States  obligations 
means all obligations of the United States exempt from taxation                                           Sum of Amounts 
under  31  USC  3124(a)  or  exempt  under  the  United  States 
                                                                            Lines from      Reported Hwere for All 
constitution  or  any  federal  statute,  including  the  obligations 
of any instrumentality or agency of the United States that are              Form 4752       Members are Carried To
exempt  from  state  or  local  taxation  under  the  United  States                Line 28               Form 4584, line 4
constitution or any statute of the United States.
                                                                                    Line 29               Form 4584, line 7
Line  22a:  If  the  UBG  member  reporting  on  this  page 
owns  a  subsidiary  that  is  an  authorized  insurance  company,                  Line 30               Form 4573, line 45
enter  actual  amount  of  capital  fund  maintained  within  that 
subsidiary.                                                                         Line 31               Form 4584, line 40

Line 22b: Enter the minimum capital fund amount required by                         Line 32               Form 4573, line 70
regulations for that insurance subsidiary.
Line 24:  UBGs:  Add  the  amount  on  on  this  line  for  all 
members  and  carry  that  total  to  Form  4590,  line  19.  If  that      Line 33: Enter overpayment credited from prior MBT return. 
combined number is less than zero, enter zero.                              When membership of a UBG changes from one filing period to 
Line  25: Do  not  carry  this  line  to  Form  4590.  Skip  lines  11      the next, carryforward of an overpayment from the prior return 
through 19 on Form 4590.                                                    remains with the DM’s account.
Lines 26-32:  These  lines  are  for  reporting  each  member’s             Line 34:  All  MBT  estimated  payments  for  a  UBG  should 
credit  carryforwards  remaining  from  a  previous  year.  If  the         be  made  by  the  DM.  Enter  estimates  paid  by  the  DM  on 
group created a credit carryforward in a preceding tax period,              this  line  of  the  DM’s  copy  of  Part  2B.  If  any  other  member 
Treasury will have maintained that carryforward on the DM’s                 paid  estimates  attributable  to  this  group  return,  enter  those 
account. Enter unused carryforwards of this type on the DM’s                estimates  on  that  member’s  copy  of  Part  2B.  Include  all 
copy of Part 2B.                                                            payments made by that member for any portion of its federal 
                                                                            filing period that is included on this group return.
If  a  member  created  a  credit  carryforward  prior  to  joining 
the  UBG,  Treasury  will  maintain  that  carryforward  on  that           For example, if a non-DM member has a 12-month fiscal year 
member’s account, subject to use by the group, until it is fully            beginning April 1, 2012, and is a member of a calendar year 
consumed or that member leaves the group. Enter unused credit               UBG  throughout  that  period,  its  business  activity  from  April 
carryforwards of this type on the copy of Part 2B filed for the             1,  2012,  through  March  31,  2013,  will  be  reported  on  the 
member that brought the carryforward to the group.                          group’s December 31, 2013, return. If that member pays MBT 
Available  credit  carryforwards,  regardless  of  whether  they            quarterly estimates based on its federal tax year, it will make 
arose  within  the  group  or  outside  of  it,  are  applied  against      two estimates during 2012, before the DM’s (and group’s) filing 
the  UBG’s  tax  liability  on  the  basis  of  age  (oldest  first).    If period  begins.  Because  those  estimates  are  attributable  to 
two members each created a carryforward of the same credit                  activity that will be reported on the group’s December 31, 2013, 
and  the  same  age,  and  together  they  exceed  the  amount              return, they should be included on the paying member’s copy of 
allowable  in  this  filing  period,  those  members’  respective           Part 2B for the December 31, 2013, group return.
credit  carryforwards  are  used  in  proportion  to  the  amount           Line 36: Only the DM may request a filing extension for a UBG. 
they  contributed  to  the  group.  If  a  member  that  generated  a       If  any  other  member  submits  an  extension  request,  it  will  not 
carryforward in a prior period leaves the group, that member                create a valid extension for the UBG, but any payment included 
will  take  with  it  an  amount  equal  to  the  group’s  remaining        with such a request can be credited to the UBG by entering that 
carryforward  from  that  period  multiplied  by  the  amount  that         payment on this line in that member’s copy of Part 2B.
member contributed relative to the total amount contributed by 
all group members for the same credit in that same period.                  Part 3: Affiliates Excluded From the Combined 
                                                                            Return of Financial Institutions
NOTE:  It  is  important  to  review  a  carryforward  for  the 
                                                                            The statutory test for membership in a UBG is a group of U.S. 
possibility that some or all of it has expired, or that some or all 
of it was withdrawn from the group by a departing member.

24

- 27 -

persons (other than a foreign operating entity):                           UBG for a given tax year, that member must file this form in 
                                                                           support of its Form 4752 and list all excluded members using 
• One of which owns or controls, directly or indirectly, more 
                                                                           the reason codes below.
  than 50 percent of the ownership interest with voting rights 
  or  ownership  interests  that  confer  comparable  rights  to           Part 4: Persons Included in the Prior Combined 
  voting rights of the other U.S. persons; and                             Return, but Excluded From Current Return
• That  has  business  activities  or  operations  which  result  in  a    The  purpose  of  Part  4  is  to  assist  Treasury  in  tracking 
  flow of value between or among persons included in the UBG               membership changes of a UBG from year to year. If the reason 
  or  has  business  activities  or  operations  that  are  integrated     the person is not on this return is because it did not satisfy the 
  with, are dependent upon, or contribute to each other. Flow              flow of value, etc., test at any time during the filing period, list 
  of value is determined by reviewing the totality of facts and            the person on line 36, and do not enter it here.
  circumstances of business activities and operations.
                                                                           Line  38C: Reason  codes  for  a  person  being  included  in  last 
A  person  that  would  be  a  standard  taxpayer  if  viewed              year’s  return  but  not  on  the  combined  return  for  financial 
separately  is  defined  as  a  financial  institution  if  it  is  owned, institutions supported by this form:
directly or indirectly, by a financial institution and is in a UBG 
with its owner.                                                             10 The  member  no  longer  meets  the  control  test  but  the 
The  purpose  of  Part  3  is  to  identify  entities  for  which  the      ownership interest is still greater than zero.
ownership  test  described  above  is  satisfied  but  which  are  not      12 The  member  no  longer  meets  the  control  test  and  the 
included  on  this  combined  return,  either  because  the  flow  of       ownership interest is zero.
value/integration/dependence/contribution  test  is  not  satisfied         14 Before the beginning of the filing period for this return, 
or  because  the  member  is  excluded  by  statute.  A  member             the person ceased to exist due to dissolution.
whose net capital is not included in this return because its tax 
year  ends  after  the  filing  period  of  the  UBG  also  should  be      16 Before the beginning of the filing period for this return, 
listed here.                                                                the  person  ceased  to  exist  due  to  a  merger  or  similar 
                                                                            combination.
Line  37A:  If  a  person  being  listed  here  is  listed  on              
U.S.  Form   851,  enter  the  identifying  number  for  that  person      If the reason is not listed among these reason codes, describe 
that is called “Corp. No.” at the left edge of pages 1, 2, and 3 of        the reason in 21 characters or less in the space provided.
U.S. Form 851.
Line  37D:  Reason  codes  for  affiliate  being  excluded  from           Other Supporting Forms and Schedules
the combined return of financial institutions supported by this 
                                                                           For  each  member  that  files  a  separate  federal  return,  attach 
form.
                                                                           copies of the same pages of that member’s federal return as are 
  1  Lacks business activities resulting in a flow of value or             required for a separate filer in similar circumstances. See the 
     integration, dependence, or contribution to group.                    “Attachments” section of Form 4590 instructions for guidance 
                                                                           on required pages of federal returns.
  2  Foreign operating entity.
  4  Foreign entity.                                                       If  some  or  all  members  reporting  on  the  current  combined 
                                                                           return are also members of a federal consolidated group, each 
  5  Member  has  no  MBT  tax  year  (as  a  member  of  this 
                                                                           member will prepare its portion of this Form 4752 on the basis 
     UBG) ending with or within this filing period.
                                                                           of  a  pro  forma  federal  return.  In  this  case,  attach  a  copy  of 
  6  Other.                                                                the  applicable  pro  forma  form  and  schedules  as  listed  in  the 
  7  Insurance company. (Insurance companies generally file                “Attachments” section of Form 4590 instructions.
     separately.)
                                                                           NOTE:  A  qualified  federally  disregarded  entity  that  is 
  9  “Standard”  taxpayers  not  owned  by  a  financial                   eligible  to  and  does  file  its  MBT  return  as  a  separate  entity 
     institution.  (Financial  institutions  and  “standard”               from its owner will prepare its MBT return on the basis of a 
     taxpayers are not included on the same combined return.)              pro  forma  federal  return  or  equivalent  schedule,  using  the 
If  you  have  questions,  call  the  Michigan  Department  of             same  federal  return  type  as  its  owner.  The  owner  of  the 
Treasury  Technical  Services  Section  at  517-636-4230,  to              federally disregarded entity also will use a pro forma federal 
discuss an appropriate entry.                                              return  (with  activity  of  the  disregarded  entity  removed)  to 
                                                                           prepare  its  portion  of  this  form.  In  each  case,  attach  a  copy 
Line  37E: If this person has nexus with Michigan, check this box.         of  the  applicable  pro  forma  return  and  schedules  as  listed  in 
Line  37F:  Enter  this  person’s  six-digit  NAICS  code.  For  a         the  “Attachments”  section  of  Form  4590  instructions.  For 
complete  list  of  six-digit  NAICS  codes,  see  the  U.S.  Census       additional information, see “Changes for Disregarded Entities” 
Bureau Web site at www.census.gov/eos/www/naics/, or enter                 in the “Important Information” section of the   MBT Forms and 
the same NAICS code used when filing U.S. Form     1120S, U.S.             Instructions for Financial Institutions (Form 4599).
Form 1065,   Schedule C of U.S. Form 1040, or    Schedule K of             Include completed Form 4752 as part of the tax return filing.
U.S. Form 1120.
NOTE: If there is only one financial institution member in a 

                                                                                                                                     25

- 28 -

- 29 -

Michigan Department of Treasury                                                                                                                                       Attachment 28
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)                                                      Federal Employer Identification Number (FEIN)

PART 1: CIT TAX BEFORE CREDITS — Unitary Business Groups, see instructions.

There is no amount to be entered on lines 1 through 4. Skip to line 5.

 1.  There is no amount 
     to be entered ........     1. X X X X X X X X X X X X X X X X                 X X X X X X X X X X X X X X X X                                                    X X X X X X X X
 2.  There is no 
     amount to be 
     entered .................  2. X X X X X X X X X X X X X X X X                 X X X X X X X X X X X X X X X X                                                    X X X X X X X X
 3.  There is no amount 
     to be entered ........     3. X X X X X X X X X X X X X X X X                 X X X X X X X X X X X X X X X X                                                    X X X X X X X X

 4.  There is no amount to be entered on this line. Skip to line 5..............................................................................                  4.  X X X X X X X X 00

 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

PART 2: CREDITS

 8.  Certificated Nonrefundable Credits from Form 4947, line 11 .............................................................................                     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. CIT Liability before Certificated Refundable credits. Add lines 9 and 10 ............................................................                        11.                 00

12.  Certificated Refundable credits from Form 4947, line 39 ...................................................................................                  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

PART 3: MBT CALCULATION TO COMPARE AGAINST CIT FOR FINANCIAL FILERS

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
17.  If line 13 is greater than line 16 enter the difference. If line 16 is greater than or equal to line 13, enter zero. 
     Carry to Form 4590, line 31 ................................................................................................................................ 17.                 00

+ 0000 2021 64 01 27 2

- 30 -

No text to extract.

- 31 -

Instructions for Form 4975
Schedule of Corporate Income Tax (CIT) Liability
for a Michigan Business Tax (MBT) Financial Filer
Restrictions for MBT Filers Part 1: CIT Before Credits
IF THE EQUITY CAPITAL OF AN MBT FILER
Beginning January 1, 2012, only those taxpayers with a
REPORTED ON FORM 4590, LINE 11, IS THE SAME
certificated credit, which is awarded but not yet fully claimed
AS WHAT THE TAXPAYER REPORTED ON THE
or utilized, may elect to be MBT taxpayers.
FFIEC FILING
Purpose Line 1-4: There is no amount to be entered on these lines. Skip
To calculate the CIT liability for a financial institution filing to line 5.Carry the amounts from Form 4590, line 18, columns A
under MBT and compare that calculation to the MBT liability though E, to Form 4975, line 1, columns A through E.
as calculated on the MBT Annual Return for Financial Line 2: Enter the amount taken as a subtraction for Goodwill
Institutions (Form 4590) to determine the greater of the two from Form 4590, line 12, columns A through E. This amount
calculated tax liabilities. must be added back to Net Capital to determine CIT liability
because the Goodwill deduction is not permitted under that tax.
Effect of Public Act 460 of 2018
Line 3: Add lines 1 and 2 in each column.
Effective with tax years beginning in 2019, PA 460 of 2018
alters the definition of equity capital for a financial institution Line 4: Add lines 3A, 3B, 3C, 3D, 3E. If less than zero, enter
for a Corporate Income Tax (CIT) filer. As a result, a Michigan zero here and on line 7, skip to line 7.
Business Tax filer may need to complete worksheets attached
Line 5: Divide line 4 by the number of tax periods reported in
to these instructions before completing Form 4975.
the table and enter here.
In the CIT, total equity capital is the amount reported by the
financial instituion, or in the case of a Unitary Business Group IF THE EQUITY CAPITAL REPORTED IN MBT IS
(UBG) of financial instituions, the top-tiered parent entity, on DIFFERENT THAN THE AMOUNT REPORTED ON
certain regulatory forms designated by the Federal Financial THE FFIEC FILING:
Institutions Examination Council (FFIEC) and filed with First, complete the “Michigan Business Tax Financial
the office of the comptroller of currency, the Federal Deposit Institution Worksheet A” in these instructions and include it in
Insurance Corporation (FDIC), or the Federal Reserve System. the return.
The definition of equity capital in MBT is not affected by PA Line 1: Carry the amounts from Worksheet A, line 7, columns
460 of 2018. A through E, to Form 4975, line 1, columns A through E.
These instructions provide guidance for the following: Line 2: Enter zero on line 2, columns A through E, and
• If the equity capital of an MBT filer reported on Form 4590, continue to line 3.
line 11, is the same as what the taxpayer reported on the FFIEC Line 3: Line 3: Add lines 1 and 2 in each column.
filing.
Line 4: Add lines 3A, 3B, 3C, 3D, 3E. If less than zero, enter
• If the equity capital reported in MBT is different than the
zero here and on line 7, skip to line 7.
amount report on the FFIEC filing.
• For a UBG: If the equity capital of an MBT filer reported on Line 5: Divide line 4 by the number of tax periods reported in
Form 4590, line 11, is the same as what the taxpayer reported the table and enter here.
on the FFIEC filing.
• For a UBG: If the equity capital reported in MBT is UBGs : IF THE EQUITY CAPITAL OF AN MBT FILER
different than the amount report on the FFIEC filing. REPORTED ON FORM 4590, LINE 11, IS THE SAME
AS WHAT THE TAXPAYER REPORTED ON THE
The following section provides guidance for all four types of FFIEC FILING:
taxpayers when completing line 1 through line 5. Leave lines 1 through 3 blank.
Line-by-Line Instructions Line 4: Complete with combined data from the UBG
Lines not listed are explained on the form. Combined Filing Schedule for Financial Institutions (Form
4752) as follows (retain a copy of all calculations for your
Enter the taxpayer’s name and Federal Employer Identification records):
Number (FEIN) in the appropriate fields.
• For each member, using amounts reported on Form 4752:
UBGs: In the Name field, enter the name of the DM for
○ Add back Goodwill from line 18, columns A-E, to line
the financial institutions. Enter the FEIN for the DM of the
23, columns A-E.
financial group.
○ Add the sums from each column.
• Add the totals of each member and carry to Form 4975, line 4.

- 32 -

Line 5: Divide line 4 by the number of tax periods reported by 
the number of tax periods reported in the table and enter here.

UBGs :  IF THE EQUITY CAPITAL REPORTED IN 
MBT BY A UBG FILER IS DIFFERENT THAN THE 
AMOUNT REPORT ON THE FFIEC FILING.
First, complete a “Michigan Business Tax Financial Institution 
Worksheet  B”  for  each  member  whose  equity is included in 
the FFIEC report. The totals from each member will be used 
to complete the “Michigan Business Tax Financial Institution 
Worksheet A.” See the worksheet instructions for guidance.
Line 1: Carry the amounts from Worksheet A, line 7, columns 
A through E, to Form 4975, line 1. columns A-E.
Line 2:  Enter  zero  on  line  2,  columns  A  through  E,  and 
continue to line 3.
Line 3: Add lines 1 and 2 in each column.
Line 4: Add lines 3A, 3B, 3C, 3D, 3E. If less than zero, enter 
zero here and on line 7, skip to line 7.
Line 5: Divide line 4 by the number of tax periods reported in 
the table and enter here.
Part 2: Credits
Line 8:  Enter  certificated  nonrefundable  credit  from  Form 
4947, line 11.
Line 10: Enter total recapture of Certain Business Tax Credits 
from Form 4947, line 28.
Line 12: Enter certificated refundable credits from Form 4947, 
line 39.
Line 13: Subtract line 12 from line 11. If less than zero, enter 
as a negative number. This is the CIT liability after certificated 
refundable  credits.  A  negative  number  here  represents  an 
overpayment. Carry this amount to line 17 of this form.
Part 3: MBT Calculation to Compare Against CIT for 
Financial Filers
Line 14: Enter the total MBT liability from Form 4590, line 30.
Line 15:  Enter  the  total  refundable  credits  from  Form  4590, 
line 37.
Line 16: Subtract line 15 from line 14. If less than zero, enter 
as a negative number. This is the MBT liability after refundable 
credits. A negative number here represents an overpayment. 
Line 17: If line 13 is greater than line 16 enter the difference. If 
line 16 is greater than or equal to line 13, enter zero. Carry this 
amount to form 4590, line 31. This amount will be added to the 
MBT Liability to determine Total Tax Liability on Form 4590. 
Include completed Form 4975 as part of the tax return filing.

30

- 33 -

Michigan Department of Treasury
MBT Financial Worksheet A (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 Federal Employer Identification Number (FEIN)

Top-tiered parent entity filing the Federal Financial Institutions Examination Council (FFIEC) report Top-tiered parent entity FEIN

NOTE for lines 1-3: 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

7. Subtract line 6d from line 5 ................................................................................................................................ 7. 00

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.

- 34 -

  Instructions for the Michigan Business Tax Financial Institution Worksheet A
Purpose                                                                 Lines 1 through 3: If less than zero, enter zero.
                                                                        Line 1: For the purpose of this worksheet, total equity capital 
To help calculate equity capital for the purpose of completing 
                                                                        is  defined  as  the  amount  reported  by  the  financial  institution 
the  “Schedule  of  Corporate  Income  Tax  (CIT)  Liability  for  a 
                                                                        or,  in  the  case  of  a  unitary  business  group  of  financial 
Michigan Business Tax (MBT) Financial Filer” (Form 4975).
                                                                        institutions  the  top-tiered  parent  entity,  on  certain  regulatory 
Effects of Public Act 460 of 2018                                       forms  designated  by  the  FFIEC  and  filed  with  the  office  of 
                                                                        the comptroller of currency, the FDIC, or the Federal Reserve 
Effective  with  tax  years  beginning  in  2019,  PA  460  of  2018    System.  The  appropriate  regulatory  form  from  which  total 
alters  the  definition  of  total  equity  capital  for  a  financial  equity capital is reported depends on the size and nature of the 
institution  filing  a  CIT  return.  PA  460  did  not  alter  the     reporting entity.  The forms currently designated by the FFIEC 
definition  of  equity  capital  for  an  MBT  filer.  However,  to     and required by the CIT are:  
complete  Form  4975,  an  MBT  taxpayer  must  calculate  it’s 
equity capital as if it was a CIT filer.                                • The consolidated financial statement for holding companies, 
                                                                        FR Y-9C.
For the purposes of Worksheet A, line 1, total equity capital 
is the amount reported by the financial instituion, or in the case      • The  parent  company  only  financial  statements  for  small 
of a Unitary Business Group (UBG)        of financial instituions,      holding companies, FR Y-9SP.
the  top-tiered  parenty  entity,  on  certain  regulatory  forms       • To the extent that FR Y-9C or FR Y-9SP are not filed for the 
designated  by  the  Federal  Financial  Institutions  Examination      tax year, the consolidated reports of condition and income, call 
Council (FFIEC) and filed with the office of the comptroller of         reports, FFIEC 031, 041, or 051.
currency,  the  Federal  Deposit  Insurance  Corporation  (FDIC), 
                                                                        If  any  of  these  reports  is  no  longer  designated  by  FFIEC  for 
or the Federal Reserve System.
                                                                        filing,  a  financial  institution  will  report  that  amount  of  total 
A financial institution will use the FFIEC regulatory report for        equity capital reported on a successor form or a report similar 
the period ending with the financial institution’s fiscal year end.     in content and designated by the FFIEC.
Likewise, for a unitary business group of financial institutions, 
                                                                        Line 2: Michigan obligations  means  a  bond,  note,  or  other 
the  taxpayer  uses  the  FFIEC  regulatory  report  for  the  period 
                                                                        obligation issued by a governmental unit described in Section 3 
ending with the top-tiered-parent entity’s fiscal year end. If the 
                                                                        of the Shared Credit Rating Act, Public Act 227 of 1985, MCL 
financial institution or top-tiered parent entity does not submit 
                                                                        141.1053.
a report for the period ending that coincides with its fiscal year 
end, the taxpayer should use the last FFIEC regulatory report           UBGs: For each column, sum the entries of all UBG members 
issued during its fiscal year.                                          from the corresponding columns on Worksheet B, line 1, and 
                                                                        enter the totals here.
If a UBG, the taxpayer must complete the “Michigan Business 
Tax  Financial  Instituion  Worksheet  B”  before  completing           Line  3: United States obligations  means  all  obligations  of 
Worksheet A.                                                            the United States exempt from taxation under 31 USC 3124(a) 
                                                                        or exempt under the United States constitution or any federal 
Line-by-Line Instructions                                               statute,  including  the  obligations  of  any  instrumentality  or 
Lines not listed are explained on the form.                             agency of the United States that are exempt from state or local 
                                                                        taxation under the United States Constitution or any statute of 
Enter the name and Federal Employment Identification Number             the United States.
(FEIN)  of  the  taxpayer  listed  on  the  “Michigan  Business  Tax 
Annual Return for Financial Institutions” (Form 4590), line 2 and       UBGs: For each column, sum the entries of all UBG members 
line 7.                                                                 from the corresponding columns on Worksheet B, line 2, and 
                                                                        enter the totals here.
Also enter the name of the top-tiered parenty entity filing the 
FFIEC  report,  and  that  entity’s  FEIN.  This  may  be  different    Line  6a:  Enter  the  equity  capital  included  in  the  financial 
from  the  entity  named  in  the  previous  field  if  the  top-tiered institution  equity  capital  (and  included  in  line  1)  of  an 
entity does not have nexus with Michigan.                               insurance company owned by the taxpayer, to the extent that 
                                                                        the  equity  capital  (the  financial  institution’s  investment)  is 
The  following  calculation  involves  a  five-year  average  of  net   included  in  line  1.  Consider  only  insurance  companies  as 
capital. Enter data from the current year and four most recent          defined  in  MCL  206.607  and  subject  to  the  Michigan’s  CIT 
tax years to complete the five-year table. For purposes of this         premiums  tax,  which  does  not  include  captive  insurance 
table, treat a partial year as a full year. If the current and four     companies.  For  purposes  of  this  deduction,  equity  capital  is 
preceding tax years include any short periods, the years printed        calculated in accordance with Generally Accepted Accounting 
in column headings for this part will not apply accurately. For         Principles.
example,  a  financial  institution  has  a  fiscal  year-end  of  June 
30  and  its  current  tax  year  is  a  short  year  ending  September UBGs: For each column, sum the entries of all UBG members 
30, 2019. That financial institution reports the periods ending         from the corresponding columns on Worksheet B, line 3a, and 
September  30,  2019,  June  30,  2019,  June  30,  2018,  June  30,    enter the totals here.
2017, and June 30, 2016.                                                           Enter  the  minimum  regulatory  capitalization 
                                                                        Line  6b:

32

- 35 -

requirements  of  the  insurance  company,  which  are  fixed 
statutory minimums set forth in Michigan’s Insurance Code of 
1956.
UBGs: For each column, sum the entries of all UBG members 
from the corresponding columns on Worksheet B, line 3b, and 
enter the totals here.
Line 6d: Enter the lesser of line 15a or line 15c.
UBGs: For each column, sum the entries of all UBG members 
from the corresponding columns on Worksheet B, line 3d, and 
enter the totals here.
Line 7: Carry the amounts from line 7, columns A though E, to 
the corresponding columns on Form 4975, line 1.

- 36 -

Michigan Department of Treasury
MBT Financial Worksheet B (Rev. 04-21)

2021 Michigan Business Tax Financial Institution Worksheet B
Complete a copy of Worksheet B for each member of the Unitary Business Group with equity capital included in the
Federal Financial Institutions Examination Council (FFIEC) report. 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

NOTE for line 1 and line 2: 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

- 37 -

   Instructions for the Michigan Business Tax Financial Institution Worksheet B
                                                                              Line 3b: Enter the minimum capital fund amount required by 
Purpose
                                                                              regulations for that insurance subsidiary.
For  a  Unitary  Business  Group,    the  “Michigan  Business  Tax            For each column, sum the entries of all UBG members on line 
Financial  Institution  Worksheet  B”  helps  provide  member                 3b  and  carry  to  the  corresponding  column  on  Worksheet  A, 
information to complete the “Michigan Business Tax Financial                  line 6b.
Institution Worksheet A.”
                                                                              Line  3c: For  each  column,  sum  the  entries  of  all  UBG 
Line-by-Line Instructions                                                     members on line 3c and carry to the corresponding column on 
Lines not listed are explained on the form.                                   Worksheet A, line 6c.
                                                                              Line 3d:  For  each  column,  sum  the  entries  of  all  UBG 
In  all  cases  with  one  or  more  financial  institutions  in  a  UBG, 
                                                                              members on line 3d and carry to the corresponding column on 
complete one copy of Worksheet B for each financial institution 
                                                                              Worksheet A, line 3d.
in  the  UBG.  Note  that  an  entity  that  would  otherwise  be  a 
standard member but is owned by and unitary with a financial 
institution  is  defined  by  statute  to  be  a  financial  institution.  If 
a financial institution member (other than the DM) has two or 
more federal tax periods ending with or within the filing period 
of this return, use a separate copy of Part 2B for each of that 
member’s federal periods.
Enter the name and Federal Employment Identification Number 
(FEIN) of the Designated Member listed on Worksheet A in the 
appropriate field on each copy of Worksheet B.
Enter the name and FEIN 
Enter the name and Federal Employment Identification Number 
(FEIN) of the member whose information is reported on lines 1 
through 3 of Worksheet B.
Line  1: Under MCL 206.651(k), Michigan obligations means 
a bond, note, or other obligation issued by a governmental unit 
described in Section 3 of the Shared Credit Rating Act, PA 227 
of 1985, MCL 141.1053.
For each column, sum the entries of all UBG members on line 
1 and carry to the corresponding column on Worksheet A, line 
2.
Line 2: United States obligations means  all  obligations  of 
the United States exempt from taxation under 31 USC 3124(a) 
or exempt under the United States constitution or any federal 
statute,  including  the  obligations  of  any  instrumentality  or 
agency of the United States that are exempt from state or local 
taxation under the United States constitution or any statute of 
the United States.
For each column, sum the entries of all UBG members on line 
2 and carry to the corresponding column on Worksheet A, line 
3.
Line 3a:  Enter  the  equity  capital  of  an  insurance  company 
owned  by  the  taxpayer,  to  the  extent  that  the  equity  capital 
(this  UBG  member’s  investment)  is  included  in  the  Total 
Equity Capital of Worksheet A, line 1. Consider only insurance 
companies  as  defined  in  MCL  206.607  and  subject  to  the 
Michigan’s CIT premiums tax, which does not include captive 
insurance  companies.  For  purposes  of  this  deduction,  equity 
capital  is  calculated  in  accordance  with  Generally  Accepted 
Accounting Principles.
For each column, sum the entries of all UBG members on line 
3a and carry to the corresponding column on Worksheet A, line 
6a.

                                                                                                                        35

- 38 -

                                   2021 Supplemental Instructions 
      for Financial Institution Members in Unitary Business Groups (UBGs)
NOTE:  These  instructions  for  Unitary  Business  Groups             the  combined  filing  schedule,  and  eliminate  intercompany 
(UBGs)  are  meant  to  supplement  general  instructions  and         transactions  where  applicable,  to  support  the  primary  return. 
form-specific instructions for financial institution taxpayers of      Insurance  companies  that  are  part  of  a  UBG  will  each  file 
the Michigan Business Tax (MBT), not to replace them.                  a  separate  Form  4588,  but  should  be  listed  as  an  excluded 
                                                                       affiliate with an incompatible tax base on Form 4580 or Form 
Standard taxpayers and standard members refer to all taxpayers 
                                                                       4752, as applicable.
or UBG members, respectively, other than financial institutions 
or insurance companies. Standard members of a UBG should 
see  the  “Supplemental  Instructions  for  Standard  Members          The Designated Member (DM)
in  UBGs”  section  in  the MBT  Forms  and  Instructions  for         A UBG combined return of financial institutions is filed under 
Standard Taxpayers (Form 4600).                                        the  name  and  Federal  Employer  Identification  Number  (FEIN) 
                                                                       or Michigan Treasury (TR) assigned number of the DM of the 
There  is  not  a  corresponding  supplement  for  insurance 
                                                                       financial  institution  group.  Designated  Member  means  a  UBG 
companies because, although they can be members of a UBG, 
                                                                       member that has nexus with Michigan and will file the combined 
they do not file combined returns.
                                                                       MBT  return  on  behalf  of  the  financial  institution  members  of 
Introductory  pages  of  this  MBT  instruction  booklet  contain      the group. In a brother-sister controlled group, any member with 
general  information  designed  to  assist  in  identifying            nexus may be designated to serve as DM. In a parent-subsidiary 
the  existence  and  membership  of  a  UBG.  The  following           controlled group or a combined controlled group (an interlocking 
instructions address:                                                  combination  of  a  parent-subsidiary  group  and  a  brother-sister 
                                                                       group), the controlling member must serve as DM if it has nexus 
• Filing combined returns by different member types within a 
                                                                       with Michigan. If it does not have nexus, the controlling member 
  UBG.
                                                                       may appoint any member with nexus with Michigan to serve as 
• Understanding the role of the Designated Member (DM).                DM. That DM must continue to serve as such every year, unless 
For each type of UBG member that is reported on a combined             it ceases to be a group member or the controlling member attains 
  return (standard and financial institution), there is a required     Michigan nexus. The filing period of a combined return is based 
  form that collects data that is necessary for preparation of a       on the tax year of the DM.
  combined return:                                                     If a UBG is comprised of both standard members and financial 
• The MBT  Unitary  Business  Group  Combined  Filing                  institutions, the UBG will have two DMs (one for the standard 
  Schedule  for  Standard  Members  (Form  4580)  supports             members completing Form 4567 and related forms, and one for 
  a combined return of standard members to be filed on the             the  financial  institution  members  completing  Form  4590  and 
  MBT Annual Return (Form 4567).                                       related forms).
• The MBT Unitary Business Group Combined Filing Schedule              Role  of the  DM:  The  DM  speaks,  acts,  and  files  the  MBT 
  for  Financial  Institutions  (Form  4752)  supports  a  combined    return  on  behalf  of  the  group  for  MBT  purposes.  Only  the 
  return of financial institution members to be filed on the MBT       DM may file a valid extension request for the group. Treasury 
  Annual Return for Financial Institutions (Form 4590).                maintains the group’s MBT data (e.g., prior MBT returns, tax 
                                                                       credit  carryforward,  overpayment  credit  forward)  under  the 
Guidance that is specific to only one form is contained in the 
                                                                       DM’s name and account number. The DM must be of the same 
instructions  for  that  form,  in  sections  titled  either  “Special 
                                                                       taxpayer type (standard or financial institution) as the members 
Instructions for Unitary Business Groups” or simply “UBGs.” 
                                                                       for which it files a combined return.
Following are instructions that apply to more than one form.
                                                                       NOTE:  If  a  person  with  a  certificated  credit  is  a  member 
Special Instructions and the Designated Member                         of  a  UBG,  the  Designated  Member  of  the  UBG,  and  not  the 
Special Instructions for the Annual Return                             member, shall file a UBG return and pay the tax, if any, under 
By definition, a UBG can include standard members, insurance           the MBTA and claim that certificated credit.
companies,  and  financial  institutions.  However,  in  some 
cases  not  all  members  of  the  UBG  will  be  included  on  the    Special Instructions for Supporting Forms
same  return.  All  standard  members  in  a  UBG  (except  those      Most forms are completed by UBGs on a group basis. However, 
owned by and unitary with a financial institution) file a single       on  a  combined  return  of  financial  institution  members,  the 
combined return on Form 4567. Financial institution members            following  forms  must  be  completed  with  entity-specific  data, 
of  a  UBG  (including  any  standard  member  owned  by  and          rather than groupwide data:
unitary with a financial institution in the group) file a combined 
return on Form 4590. Insurance company members of a UBG                • Michigan Historic Preservation Tax Credit (Form 3581)
each file separately on Form 4588.                                     • MBT Renaissance Zone Credit Schedule (Form 4595)
Before  completing  a  combined  return,  UBGs  should  first          If  more  than  one  member  completes  one  of  these  forms, 
complete  Form  4580  or  Form  4752.  These  forms  are  used         multiple  copies  of  that  form  must  be  included  in  the  group’s 
to  gather  and  combine  data  from  each  member  included  in       combined return.

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In addition, many credits require an entity-specific calculation            its  pro  forma  tax  liability  as  if  it  was  a  singular,  stand-alone 
of  a  credit  amount.  The  following  table  provides  a  summary         taxpayer in all aspects. This supporting pro forma calculation 
of UBG credit calculations for a combined return of financial               should  be  provided  in  a  statement  attached  to  the  return. 
institutions where:                                                         However,  this  calculation  and  its  results  should  never  be 
                                                                            transferred  to  Form  4590  or  displayed  in  a  layout  similar  to 
A) The test or criteria to qualify for the credit should be applied 
                                                                            Form 4590.
on a group basis (G) or a separate entity basis (E).
B)  If  the  qualification  test  is  satisfied,  the  calculation  of  the Effects of Members Joining a Group
available  credit  amount  should  be  on  a  group  basis  (G)  or  a      When an entity becomes a member of a UBG part way through 
separate entity basis (E).                                                  the member’s tax year, for MBT purposes the new member will 
                                                                            experience a short tax year beginning on the date the member 
C)  Calculation  of  the  credit  should  be  done  after  elimination 
                                                                            joins  the  group,  even  if  it  does  not  have  a  short  period  for 
of  intercompany  transactions  (Y  or  N).  NOTE:  This  applies 
                                                                            federal purposes.
only  to  the  calculation  of  the  credit.  The  tax  liability  of  the 
UBG against which the credit will be applied is calculated after            For  both  the  UBG  return  and  the  new  member’s  separate 
elimination of all intercompany transactions from the tax bases             short  period  return,  tax  bases  will  be  calculated  using  actual 
and apportionment.                                                          numbers from the applicable short period of the new member.
                                                                            If  a  member  that  is  new  to  the  group  brings  with  it  a 
                    Credit                          (A) (B) (C)
                                                                            certificated credit or carryforward of a certificated credit, the 
Brownfield Redevelopment Credit                     E E    N                UBG  taxpayer  will  continue  to  apply  the  choice  it  made  for 
Compensation Credit                                 G G    N                the first tax year ending after December 31, 2011, concerning 
Film Infrastructure Credit *                        E E    N                the  MBT  election.  Or,  in  the  case  of  a  qualifying  brownfield 
Film Production Credit *                            E E    N                or  historic  preservation  credit  —  the  election  made  by  the 
                                                                            group at a later time. If the joining member brings a qualifying 
Historic Preservation Credit                        E E    N                brownfield  or  historic  preservation  credit  for  which  credit 
Individual or Family Development Account Credit     G G    N                amount  remains  available,  the  UBG  taxpayer  may  make  the 
MEGA Employment Tax Credit                          E E    N                election to be taxable under the MBT in a year in which credit 
MEGA Photovoltaic Technology Credit *               E E    N                amount is available and must remain taxable under the MBT 
                                                                            for all years in which brownfield or historic preservation credit 
Renaissance Zone Credit                             E E    N                amount is available if the election is made.

* Financial institutions may claim film and photovoltaic credits            Effects of Members Leaving a Group
as assignees only.
                                                                            When  a  member  of  a  UBG  ceases  to  be  a  member  part 
The  available  amount  of  each  of  the  above  credits  is  taken        way  through  the  member’s  tax  year,  for  MBT  purposes  the 
against  the  entire  group’s  tax  liability.  Additional  UBG             departing member will experience a short tax year ending on 
instructions  are  provided  on  forms  where  these  credits  are          the departure date, even if it does not have a short period for 
calculated.                                                                 federal purposes.
If  the  UBG  is  comprised  of  both  standard  members  and               For both the UBG return and the departing member’s separate 
financial  institutions,  two  copies  of  supporting  forms  will  be      short  period  return,  tax  bases  will  be  calculated  using  actual 
completed  (one  group  of  supporting  forms  for  the  standard           numbers  from  the  applicable  short  period  of  the  departing 
members’ annual return and one group of supporting forms for                member.
the financial institutions’ annual return).                                 When a member leaves the UBG other than at the end of its 
                                                                            federal  tax  year,  any  available  certificated  credit  generated 
Pro Forma Calculations for Certain Credits                                  by  the  member  will  be  allocated  to  the  period  that  includes 
                                                                            the  effective  date  of  the  certificate.  A  credit  carryforward 
For some credits, evaluation of whether a UBG is qualified to 
                                                                            attributable  to  the  departing  member  and  existing  in  the 
claim the credit is based on characteristics and activities of a 
                                                                            departing  member’s  (or  the  group’s)  account  prior  to  leaving 
single member, rather than the group as a whole. Similarly, for 
                                                                            the group typically will be applied first to the group return for 
some credits, after it is determined that a UBG is qualified to 
                                                                            the group filing period that includes the end of the departing 
claim the credit, calculation of the amount of credit available is 
                                                                            member’s  short  state  tax  year  that  ended  upon  leaving  the 
based on data of a single member, rather than the group. Each 
                                                                            group. Any carryforward remaining after that application (i.e., 
credit requiring this method is identified on the form on which 
                                                                            neither consumed or expired) will, generally, be fully available 
it is calculated. In these situations, typically a pro forma MBT 
                                                                            for use by the departing member. If the remaining UBG does 
liability is required for the member generating the credit.
                                                                            not hold a certificated credit after the departing member leaves 
Where  a  pro  forma  calculation  is  required,  the  underlying           with  credit  then  the  group  is  no  longer  eligible  to  continue 
objective  is  to  determine  what  the  tax  liability  (immediately       under the MBT. If the departing member joins another UBG, 
prior to the credit) of the UBG member generating the credit                bringing the certificated credit, the UBG taxpayer will continue 
would have been if that member was not included in the group.               to apply the choice it made concerning the credit election. (In 
Therefore,  the  member  generating  the  credit  must  calculate           the  case  of  qualifying  brownfield  and  historic  preservation 

                                                                                                                        37

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certificated credits, see “Effects of Joining a Group” for more 
detail.)  If  the  departing  member  becomes  a  solo  filer  with 
remaining certificated credit, that member will continue to file 
under the MBT until the credit is used up. These results do not 
change if the departing member is the DM.

Other UBG-Related Issues
An  affiliated  person  that  is  excluded  from  membership  in  a 
UBG because it is a foreign person, which has nexus and meets 
the applicable filing threshold, must file a separate MBT return.

Further Guidance on Existence and Membership 
of a UBG
For further guidance, please consult the following:
•  Online  at www.michigan.gov/treasury/:  Click  on  “Reports 
  & Legal Resources,” which leads to information on Revenue 
Administrative  Bulletins  (RABs).  Of  particular  interest 
are  RAB  2010-1,  MBT—Unitary  Business  Group  Control 
  Test,  and  RAB  2010-2,  MBT—Unitary  Business  Group 
  Relationship Tests.

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                                                     Country Codes

Countries are identified by two-letter codes – Country Codes – which are required on some Michigan Business Tax (MBT) forms, 
including the annual returns. The following is a list of countries and their codes.

AF  Afghanistan             CK  Cook Islands         IN   India                    NR  Nauru                   SB  Solomon Islands
AX  Åland Islands           CR  Costa Rica           ID   Indonesia                NP  Nepal                   SO  Somalia
AL   Albania                CI   Côte D’ivoire       IR   Iran                     NL   Netherlands            ZA   South Africa
DZ   Algeria                HR  Croatia              IQ   Iraq                     AN  Netherlands Antilles    GS  S. Georgia, Sandwich
AS  American Samoa          CU  Cuba                 IE   Ireland                  NC  New Caledonia           KR  South Korea
AD  Andorra                 CY  Cyprus               IM   Isle Of Man              NZ  New Zealand             ES   Spain
AO  Angola                  CZ   Czech Republic      IL   Israel                   NI   Nicaragua              LK   Sri Lanka
AI   Anguilla               CD  Dem. Rep. of Congo   IT   Italy                    NE  Niger                   SD  Sudan
AQ  Antarctica              DK  Denmark              JM  Jamaica                   NG  Nigeria                 SR  Suriname
AG  Antigua & Barbuda       DJ   Djibouti            JP   Japan                    NU  Niue                    SJ   Svalbard, Jan Mayen
AR  Argentina               DM  Dominica             JE   Jersey                   NF  Norfolk Island          SZ   Swaziland
AM  Armenia                 DO  Dominican Republic   JO   Jordan                   KP  North Korea             SE  Sweden
AW  Aruba                   EC  Ecuador              KZ   Kazakhstan               MP  N. Mariana Islands      CH  Switzerland
AU  Australia               EG  Egypt                KE  Kenya                     NO  Norway                  SY   Syrian Arab Republic
AT   Austria                SV   El Salvador         KI   Kiribati                 OM  Oman                    TW  Taiwan
AZ   Azerbaijan             GQ  Equatorial Guinea    KW  Kuwait                    PK   Pakistan               TJ   Tajikistan
BS  Bahamas                 ER  Eritrea              KG  Kyrgyzstan                PW  Palau                   TZ   Tanzania
BH  Bahrain                 EE   Estonia             LA   Laos                     PS   Palestinian Occ. Terr. TH  Thailand
BD  Bangladesh              ET   Ethiopia            LV   Latvia                   PA   Panama                 TL   Timor-Leste
BB  Barbados                FK   Falkland Islands    LB   Lebanon                  PG  Papua New Guinea        TG  Togo
BY   Belarus                FO  Faroe Islands        LS   Lesotho                  PY   Paraguay               TK   Tokelau
BE  Belgium                 FJ   Fiji                LR   Liberia                  PE   Peru                   TO  Tonga
BZ   Belize                 FI   Finland             LY   Libya                    PH  Philippines             TT   Trinidad & Tobago
BJ   Benin                  FR   France              LI   Liechtenstein            PN  Pitcairn                TN  Tunisia
BM  Bermuda                 GF  French Guiana        LT   Lithuania                PL   Poland                 TR  Turkey
BT   Bhutan                 PF   French Polynesia    LU   Luxembourg               PT   Portugal               TM  Turkmenistan
BO  Bolivia                 TF   Fr. Southern Terr.  MO  Macao                     PR  Puerto Rico             TC   Turks & Caicos
BA  Bosnia, Herzegovina     GA  Gabon                MK  Macedonia                 QA  Qatar                   TV   Tuvalu
BW  Botswana                GM  Gambia               MG  Madagascar                RE  Réunion                 UG  Uganda
BV   Bouvet Island          GE  Georgia              MW        Malawi              RO  Romania                 UA  Ukraine
BR  Brazil                  DE  Germany              MY  Malaysia                  RU  Russian Federation      AE  United Arab Emir.
IO   Brit. Ind. Ocean Terr. GH  Ghana                MV  Maldives                  RW  Rwanda                  GB  United Kingdom
BN  Brunei Darussalam       GI   Gibraltar           ML  Mali                      BL   St. Barthélemy         US  United States
BG  Bulgaria                GR  Greece               MT  Malta                     SH  St. Helena              UM  U.S. Minor Out. Isl.
BF   Burkina Faso           GL  Greenland            MH  Marshall Islands          KN  St. Kitts & Nevis       UY  Uruguay
BI   Burundi                GD  Grenada              MQ  Martinique                LC   St. Lucia              UZ   Uzbekistan
KH  Cambodia                GP  Guadeloupe           MR  Mauritania                MF  St. Martin              VU  Vanuatu
CM  Cameroon                GU  Guam                 MU  Mauritius                 PM  St. Pierre & Miquelon   VE  Venezuela
CA  Canada                  GT  Guatemala            YT   Mayotte                  VC  St. Vincent, Grenad.    VN  Vietnam
CV  Cape Verde              GG  Guernsey             MX  Mexico                    WS  Samoa                   VG  Virgin Islands, British
KY  Cayman Islands          GN  Guinea               FM  Micronesia                SM  San Marino              VI   Virgin Islands, U.S.
CF  Cent. African Repub.    GW  Guinea-Bissau        MD  Moldova                   ST   Sao Tome & Principe WF  Wallis & Futuna
TD  Chad                    GY  Guyana               MC  Monaco                    SA  Saudi Arabia            EH  Western Sahara
CL   Chile                  HT  Haiti                MN  Mongolia                  SN  Senegal                 YE  Yemen
CN  China                   HM  Heard, McDonald Isl. ME  Montenegro                RS  Serbia                  ZM  Zambia
CX  Christmas Island        VA   Holy See (Vatican)  MS  Montserrat                SC  Seychelles              ZW  Zimbabwe
CC  Cocos Islands           HN  Honduras             MA  Morocco                   SL   Sierra Leone
CO  Colombia                HK  Hong Kong            MZ  Mozambique                SG  Singapore               XX Countries-Other
KM  Comoros                 HU  Hungary              MM  Myanmar                   SK  Slovakia
CG  Congo                   IS   Iceland             NA  Namibia                   SI   Slovenia

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  Notes

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