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| B37. Section 201(2)(i) of the MBTA allows a series of deductions beginning in 2015, based on an amount called the "book-tax difference." A taxpayer's book-tax difference must be calculated for the first fiscal period ending after |
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Yes, the Department will require that taxpayers file Form 4593 in order to document the future section 201(2)(i) deduction regarding the book-tax difference. Form 4593 must be filed together with the taxpayer's first annual MBT return. For a taxpayer that obtains a valid extension for filing its annual return, the Department will treat that extension as applicable to the filing of Form 4593, as well. With respect to possible amendments of Form 4593, amendments to a taxpayer's first annual MBT return could necessitate corresponding changes to Form 4593. Accordingly, Form 4593 will be open to amendment during the same limitations period that is applicable to the first annual return, except that an amendment to Form 4593 will be permitted during the relevant period only if the taxpayer has also amended its annual return, and the changes made to the annual return have necessitated the amendment to Form 4593. A taxpayer may not amend Form 4593 on a stand-alone basis.
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