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| F2. The surcharge of the Michigan Business Tax Act,found at MCL 208.1281,exempts "a person subject to the tax imposed |
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Of the types of institutions that qualify as financial institutions in the MBT at section 261(f),those that are organized either as a bank under the Michigan Banking Code of 1999 (MBC) or a savings bank under the Michigan Savings Bank Act of 1996 (SBA) and which are authorized to exercise exclusively trust powers are exempt from the surcharge. A bank or savings bank exercising additional powers or performing additional duties beyond those trust powers authorized in the MBC by MCL 487.14401 through 487.14405 and in the SBA by MCL 487.3421 through 487.3426 does not qualify for the MBT surcharge exemption.
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