INCOME TAX ACT OF 1967 (EXCERPT)
Act 281 of 1967
As used in this part:
(a) "Casino" means that term as defined in section 110.
(b) "Casino licensee" means a person licensed to operate a casino under the Michigan gaming control and revenue act, 1996 IL 1, MCL 432.201 to 432.226.
(c) "Eligible production company" means that term as defined under section 455 of the Michigan business tax act, 2007 PA 36, MCL 208.1455.
(d) "Flow-through entity" means an entity that for the applicable tax year is treated as an S corporation under section 1362(a) of the internal revenue code, a general partnership, a limited partnership, a limited liability partnership, or a limited liability company, that for the applicable tax year is not taxed as a corporation for federal income tax purposes. Flow-through entity does not include any entity disregarded under section 699.
(e) "Member" means a shareholder of an S corporation, a partner in a general partnership, a limited partnership, or a limited liability partnership, a member of a limited liability company, or a beneficiary of a trust, that is a flow-through entity.
(f) "Nonresident" means an individual who is not a resident of or domiciled in this state, a business entity that does not have its commercial domicile in this state, or a trust not organized in this state.
(g) "Partnership" means a taxpayer that is required to or has elected to file as a partnership for federal income tax purposes.
(h) "Publicly traded partnership" means that term as defined under section 7704 of the internal revenue code.
(i) "Race meeting licensee" and "track licensee" mean a person to whom a race meeting license or track license is issued pursuant to section 8 of the horse racing law of 1995, 1995 PA 279, MCL 431.308.
(j) "S corporation" means a corporation electing taxation under subchapter S of chapter 1 of subtitle A of the internal revenue code, sections 1361 to 1379 of the internal revenue code.
History: Add. 2011, Act 38, Eff. Jan. 1, 2012
Am. 2011, Act 194, Eff. Jan. 1, 2012
Am. 2011, Act 311, Eff. Jan. 1, 2012
Compiler's Notes: This section as added by Act 38 of 2011 was assigned the compilation number "206.701". To avoid a conflict with another section previously numbered "206.701", Sec. 701 of 2006 PA 513 has been renumbered as 206.901.
© 2009 Legislative Council, State of Michigan