Web-based Tool for MBT Form 4585 and CIT Form 4902
This Web-based Tool (Webtool) was developed for the calculation of Investment Tax Credit (ITC) recapture from sale of assets acquired under Single Business Tax (SBT), which is required under both Michigan Business Tax (MBT) and Corporate Income Tax (CIT) acts.
In 2013, the Webtool was updated to calculate the SBT ITC recapture for separately filing taxpayers (Single Filers) and for unitary business groups (UBGs), whether the members of the UBG remained the same or changed across tax years. Because of the update, filers using the Webtool to file original or amended MBT returns for any tax year prior to 2012 must follow the updated instructions below:
Separately Filing Taxpayers (Single Filers): after entering data on the Webtool and retrieving the results, filers MUST use the new additional worksheets available on the 2012 version of MBT Form 4585. The new worksheets and instructions can be found on the 2012 version of MBT Form 4585, under the bulleted section on Method B.
UBG filers: when filing MBT Form 4585, Line 5, Column B, for each appropriate member, use instructions available on the 2012 version of MBT Form 4585. In addition, for each member of the group filing an MBT Form 4585, use the new additional worksheets available on the 2012 version MBT Form 4585. Instructions on how to fill MBT Form 4585, Line 5, Column B, and the new worksheets can be found on the page 145 of the 2012 version of MBT Form 4585, under the bulleted section on Method B.
NOTE: Using the instructions from a version of MBT Form 4585 prior to the 2012 version will NOT result in a correct calculation of the SBT ITC recapture amounts. Please do not rely on earlier instructions. In April 2013, the 2012 versions of both MBT Form 4585 and CIT Form 4902 were also updated, and can be found on the Treasury's website.
Get the updated 2012 version of MBT Form 4585 by clicking the link on this line.
Get the updated 2012 version of MBT Form 4902 by clicking the link on this line
There is one Web-based tool available for use by both unitary business groups (UBGs) and taxpayers filing separately. Instructions for the tool, however, differ considerably for these two types of taxpayer. Choose the link below to view instructions for your tax filing situation:
Separately Filing Taxpayers
Unitary Business Groups