Michigan Compiled Laws § 208.1263 Financial Institution Subject To Franchise Tax; Nexus.

***** 208.1263 THIS SECTION IS REPEALED BY ACT 39 OF 2011 EFFECTIVE WHEN CONDITIONS APPLIED BY ENACTING SECTION 1 OF ACT 39 OF 2011 ARE MET: See enacting section 1 of Act 39 of 2011 *****

208.1263 Financial institution subject to franchise tax; nexus.

Sec. 263.

(1) Every financial institution with nexus in this state as determined under section 200 is subject to a franchise tax. The franchise tax is imposed upon the tax base of the financial institution as determined under section 265 after allocation or apportionment to this state, at the rate of 0.235%.

(2) The tax under this chapter is in lieu of the tax levied and imposed under chapter 2 of this act.

History: 2007, Act 36, Eff. Jan. 1, 2008

Compiler's Notes: Enacting section 1 of Act 36 of 2007 provides:"Enacting section 1. This act takes effect January 1, 2008 and applies to all business activity occurring after December 31, 2007."
Popular Name: MBT

Section: 208.1261  208.1263  208.1265  208.1267  208.1269    Next

Last modified: October 10, 2016