House Bill 5788
Sponsor: Rep. Kirk A. Profit
Committee: Tax Policy
Complete to 9-14-98
A SUMMARY OF HOUSE BILL 5788 AS INTRODUCED 4-28-98
The bill would amend a section of the Single Business Tax Act dealing with quarterly payments of estimated tax to specify that interest would not be assessed under the act to a taxpayer whose tax liability for the immediately preceding year was more than $20,000 if the taxpayer has submitted estimated payments for the tax year equaling 110 percent of the immediately preceding tax year's liability.
[The same section of the act contains two current conditions under which interest is not assessed: 1) if the preceding year's tax liability was $20,000 or less and if the taxpayer submitted four equal installments the sum of which equals the previous year's tax liability; and 2) if the sum of the estimated payments equals at least 85 percent of the liability of 1 percent of the gros receipts for the tax year and the amount of each estimated payment reasonably approximates the tax liability incurred during the quarter for which the estimated payment was made.]
MCL 208.71
Analyst: C. Couch