Michigan Annual Return for Financial Institutions

Annual Return for Financial Institutions
4590, 2024 Michigan Business Tax Annual Return for Financial Institutions
Michigan Department of Treasury
4590 (Rev. 04-24), Page 1 of 2

2024 MICHIGAN Business Tax Annual Return
for Financial Institutions
Issued under authority of Public Act 36 of 2007.

Check if this is an
amended return.
See instructions.
(MM-DD-YYYY)

1. Return is for calendar year 2024 or for tax year beginning:

and ending:

(MM-DD-YYYY)

2. Taxpayer Name (print or type)

7. Federal Employer Identification Number (FEIN) or TR Number

Doing Business As (DBA)

8. Organization Type

Street Address
City

State

ZIP/Postal Code

4. Business Start Date in Michigan

5. NAICS (North American Industry Classification System) Code

6. If Discontinued, Effective Date

10. Apportionment Calculation:

C Corporation /
LLC C Corporation

Country Code

3. Principal Business Activity

S Corporation /
LLC S Corporation

Fiduciary

Check if
new address.
(See instructions)

8a.

Check if taxpayer (or any UBG member) has authority to
exercise trust powers only.

9.

Check if Filing Michigan Unitary Business Group Return.
(Include Form 4752.)

00
00
%

a. Michigan Gross Business (if no Michigan gross business, enter zero)...10a.
b. Total Gross Business....................................................................10b.
c. Apportionment Percentage. Divide line 10a by line 10b..............10c.

PART 1: FRANCHISE TAX
Lines 11-14: If less than zero, enter zero.
11. Equity Capital.....................
11.
12. Goodwill..............................
12.
13.

Average daily book value
of Michigan obligations.......

13.

14.

Average daily book value
of U.S. obligations..............

14.

15.

Subtotal. Add lines 12
through 14..........................

15.

16.

Net Capital. Subtract line
15 from line 11....................

16.

17.

a. Authorized insurance co.
subsidiary: Enter actual
capital fund amount........ 17a.

A
2020

B
2021

C
2022

D
2023

E
2024

b. Minimum regulatory
amount required............. 17b.
c. Multiply line 17b by
125% (1.25).................... 17c.
d. Subtract line 17c from
17a. If less than zero,
enter zero....................... 17d.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.

+

Add lines 16 and 17d..........
18.
Add line 18, columns A through E. If less than zero, enter zero, skip lines 20-25, and enter zero on line 26.........
Net Capital for Current Taxable Year. Divide line 19 by number of tax years reported above.................................
Apportioned Tax Base. Multiply line 20 by percentage on line 10c.........................................................................
Multiply line 21 by 0.235% (0.00235)......................................................................................................................
There is no amount to be entered on the line. Skip to line 26.................................................................................
There is no amount to be entered on the line. Skip to line 26.................................................................................
There is no amount to be entered on the line. Skip to line 26.................................................................................
Total Liability Before All Credits. Enter amount from line 22....................................................................................
Nonrefundable credits from Form 4568, line 40......................................................................................................
Total Tax After Nonrefundable Credits. Subtract line 27 from line 26. If less than zero, enter zero....................

0000 2024 87 01 27 8

19.
20.
21.
22.
23.
24.
25.
26.
27.
28.

00
00
00
00
X X X X X X X X 00
X X X X X X X X 00
X X X X X X X X 00
00
00
00

Continue and sign on Page 2.

2024 Form 4590, Page 2 of 2

29.
30.
31.
32.

FEIN or TR Number

Recapture of Certain Business Tax Credits from Form 4587, line 13....................................................................
Total MBT Tax Liability. Add lines 28 and 29.....................................................................................................
Corporate Income Tax adjustment from Form 4975, line 17.................................................................................
Total Tax Liability. Add lines 30 and 31...............................................................................................................

29.
30.
31.
32.

00
00
00
00

38.

00

PART 2: PAYMENTS, REFUNDABLE CREDITS AND TAX DUE
33.
34.
35.
36.
37.
38.

Overpayment credited from prior MBT return................................................... 33.
00
Estimated tax payments................................................................................... 34.
00
There is no amount to be entered on this line. Skip to line 36......................... 35. X X X X X X X X 00
Tax paid with request for extension.................................................................. 36.
00
Refundable credits from Form 4574, line 23.................................................... 37.
00
Total Payments. Add lines 33 through 37. (If not amending, then skip to line 40)................................................

00
AMENDED a. Payment made with original and/or prior amended returns... 39a.
39. RETURN b. Overpayment from original and/or prior amended returns.... 39b.
00
ONLY
c. Add lines 38 and 39a and subtract line 39b from the sum.... .................................................... 39c.
40. TAX DUE. Subtract line 38 (or line 39c, if amending) from line 32. If less than zero, leave blank........................
40.
41. Underpaid estimate penalty and interest from Form 4582, line 38.........................................................................
41.
42.
43.

Annual return penalty (a)
% = (b)
00 plus interest of (c)
00 . Total...... 42d.
PAYMENT DUE. If line 40 is blank, go to line 44. Otherwise, add lines 40, 41 and 42d......................................
43.

00
00
00
00
00

PART 3: REFUND OR CREDIT FORWARD
44.
45.
46.

Overpayment. Subtract lines 32, 41 and 42d from line 38 (or line 39c, if amending). If less than zero, leave
blank (see instructions)..........................................................................................................................................
CREDIT FORWARD. Amount on line 44 to be credited forward and used as an estimate for next MBT tax year.....
REFUND. Amount on line 44 to be refunded.........................................................................................................

Taxpayer Certification.

I declare under penalty of perjury that the information in
this return and attachments is true and complete to the best of my knowledge.
By checking this box, I authorize Treasury to discuss my return with my preparer.
Authorized Signature for Tax Matters

Authorized Signer’s Name (print or type)
Title

44.
45.
46.

00
00
00

Preparer Certification.

I declare under penalty of perjury that this
return is based on all information of which I have any knowledge.
Preparer’s PTIN, FEIN or SSN
Preparer’s Business Name (print or type)

Date

Preparer’s Business Address and Telephone Number (print or type)

Telephone Number

Return is due April 30 or on or before the last day of the 4th month after the close of the tax year.
WITHOUT PAYMENT - Mail return to:
Michigan Department of Treasury
PO Box 30783
Lansing MI 48909

+

0000 2024 87 02 27 6

WITH PAYMENT — Pay amount on line 43
and mail check and return to:
Michigan Department of Treasury
PO Box 30113
Lansing MI 48909

Make check payable to “State of
Michigan.” Print taxpayer’s FEIN or
TR Number, the tax year, and “MBT” on
the front of the check. Do not staple the
check to the return.

Instructions for Form 4590
Michigan Business Tax (MBT) Annual Return for Financial Institutions
Purpose
To calculate a tax liability and claim credits for a financial
institution for MBT.
NOTE: Beginning January 1, 2012, only those taxpayers with a
certificated credit, which is awarded but not yet fully claimed or
utilized, may elect to be MBT taxpayers.  If a taxpayer files an
MBT return and claims a certificated credit, the taxpayer makes
the election to file and pay under the MBT until the certificated
credit and any carryforward of that credit are exhausted.

General Instructions
MBT Liability: Beginning January 1, 2012, a taxpayer
calculates MBT liability as the greater of MBT liability
after all credits, deductions, and exemptions or hypothetical
Corporate Income Tax (CIT) liability minus deductions and
credits available under that act and minus certificated credits
allowed under the MBT.   This calculation of liability requires
a taxpayer to calculate net equity tax base and apply available
MBT credits, including certificated credits, deductions, and
exemptions available under the MBT.   Then, the taxpayer
will calculate the CIT comparison on Schedule of Corporate
Income Tax Liability for a Financial Filer (Form 4975).   A
taxpayer is permitted to reduce hypothetical CIT liability by
all deductions and credits which would be allowed under that
tax as well as the amount of certificated credit allowed under
the MBT. The amount of certificated credit allowed under the
MBT is the amount of nonrefundable credit needed to offset
MBT liability or the entire amount of a refundable credit.
If the taxpayer’s hypothetical CIT liability would be higher
than its MBT liability, the taxpayer will add the difference to
MBT liability on line 31 of this form (4590). This is the CIT
adjustment. If the result of both steps of the calculation is a
negative number, the taxpayer will receive a refund of the lower
negative; but a nonrefundable credit cannot be used to reduce
liability below zero. Remaining nonrefundable certificated credit
may be carried forward to succeeding tax years.

Special Instructions for Unitary Business Groups
A Unitary Business Group (UBG) is a group of United States
persons, other than a foreign operating entity, that satisfies the
following criteria:
•	 One of the persons owns or controls, directly or indirectly,
more than 50 percent of the ownership interest with voting
rights (or rights comparable to voting rights) of the other
United States persons; AND
•	 The UBG has operations which result in a flow of value
between persons in the UBG or has operations that are
integrated with, are dependent upon, or contribute to each
other. Flow of value is determined by reviewing the totality of
facts and circumstances of business activities and operations.
All financial institution members of a UBG must file a
combined Form 4590 for the group with a Designated Member
(DM) who must be the controlling member of the group, unless

the controlling member does not have nexus with Michigan. If
that is the case, the controlling member may appoint a group
member with nexus to serve as the DM.
NOTE: The MBT Unitary Business Group Combined Filing
Schedule for Financial Institutions (Form 4752) must be
completed before completing Form 4590.
For more information on UBGs, see the instructions for Form
4752, available online at the Department of Treasury (Treasury)
Web site at www.michigan.gov/taxes.
For more information on the control and relationship tests for
UBGs, see Revenue Administrative Bulletin (RAB) 2010-1
Michigan Business Tax-Unitary Business Group Control Test
and RAB 2010-2 Michigan Business Tax-Unitary Business
Group Relationship Tests on the Treasury Web site.
NOTE: Under the foregoing definition, a UBG may include
financial institutions, insurance companies, and standard
taxpayers. A group containing a mixture of these three
taxpayer types may be required to file two or more returns to
properly report the activities of the different taxpayer types
within the group.
Under Michigan Compiled Law (MCL) 208.1261(f), financial
institution means any of the following:
i.	 A bank holding company, a national bank, a state chartered
bank, an office of thrift supervision chartered bank or thrift
institution, or a savings and loan holding company other than a
diversified savings and loan holding company as defined in 12
United Stated Code (USC) 1467a(a)(F) or a federally chartered
Farm Credit System institution.
ii.	 Any entity, other than an entity subject to the tax imposed
under Chapter 2A (insurance company), who is directly or
indirectly owned by an entity described in (i) and is a member
of the UBG.
iii.	 A UBG of entities described in (i) or (ii), or both.
NOTE: Because the definition of financial institution for MBT
purposes includes any entity (except an insurance company) that
is owned by a bank or other entity (as described above) and is
a member of a UBG with its parent, this may cause an entity
that is not commonly thought of as a financial institution to be
defined as one for return filing purposes. A UBG of financial
institutions must file a combined return on this Form 4590 that
includes each member of the group that is a financial institution.
Taxpayer Certification
A return filed by a UBG must be signed by an individual
authorized to sign on behalf of the DM. Provide the telephone
number of that individual at the DM’s office.

Line-by-Line Instructions
Lines not listed are explained on the form.
Dates must be entered in MM-DD-YYYY format.
For periods less than 12 months, see the “General Information
for Financial Institutions” in the MBT Forms and Instructions
for Financial Institutions (Form 4599).

11

UBGs: Complete Form 4752 before beginning Form 4590.
Amended Returns: To amend a current or prior year annual
return, complete the Form 4590 that is applicable for that year,
check the box in the upper-right corner of the return, and attach
a separate sheet explaining the reason for the changes. Include an
amended federal return or a signed and dated Internal Revenue
Service (IRS) audit document. Include all schedules filed with
the original return, even if not amending that schedule. Enter the
figures on the amended return as they should be. Do not include
a copy of the originally filed return with the amended return.
A taxpayer may not amend to revoke the election to remain
taxable under the MBT. Once the taxpayer makes a valid election
to claim a certificated credit, the taxpayer must remain in the
MBT until the credit and any carryforward of that credit are
exhausted.
Line  1:	Unless a calendar year, enter the beginning and ending
dates (MM-DD-YYYY) that correspond to the taxable period
as reported to the IRS.
Tax year means the calendar year, or the fiscal year ending
during the calendar year, upon the basis of which the tax base
of a taxpayer is computed. If a return is made for a fractional
part of a year, tax year means the period for which the return
covers. Generally, a taxpayer’s tax year is for the same period
as is covered by its federal income tax return.
Fiscal Year Filers: See “Supplemental Instructions for Fiscal
MBT Filers — Financial Institutions” in Form 4599.
Line  2: Enter the complete address and, if other than the
United States, enter the two-digit abbreviation for the country
code. See the list of country codes in Form 4599.

Line  6:	 Enter the date, if applicable, on which the taxpayer went
out of business. To file a discontinuance for Michigan taxes,
use Michigan Treasury Online (MTO). Visit www.michigan.
gov/mtobusiness for more information.subject to another tax
administered by Treasury, do not use this line. Also, do not use
this line if the taxpayer is a UBG and one member has stopped
doing business.
Line  7: Use the taxpayer’s Federal Employer Identification
Number (FEIN) or the Michigan Treasury (TR) assigned
number. Be sure to use the same account number on all forms.
If the taxpayer does not have an FEIN or TR number,
the taxpayer MUST register before filing this form.
Taxpayers are encouraged to register online at
www.michigan.gov/businesstaxes. The Web site provides
information on obtaining an FEIN, which is required to submit
taxes through e-file. Taxpayers usually can obtain an FEIN from
the IRS within 48 hours. Taxpayers registering with the State
online usually receive an account number within seven days.
Returns received without a registered account number will not
be processed until such time as a number is provided.
UBGs: Enter the FEIN or TR Number for the DM of the
financial group.
Line  8: 	Check the box that describes the DM’s organization
type. A Trust or a Limited Liability Company (LLC) should
check the appropriate box based on its federal return.
NOTE: A person that is a disregarded entity for federal tax
purposes, including a single member LLC or Q-Sub, must file
as if it were a sole proprietorship if owned by an individual, or
a branch or division if owned by another business entity.

Any correspondence regarding the return filed and/or refund
will be sent to the address used here. Check the new address
box if the address used on this line has changed from the last
filing. The taxpayer’s primary address in the Department of
Treasury (Treasury) files, identified as the legal address and
used for all purposes other than refund and correspondence
on a specific MBT return, will not change until the customer
specifically makes the change on their Michigan Treasury
Online (MTO) account. Visit michigan.gov/mtobusiness for
more information.

Line  8a: If the taxpayer meets the definition of financial institution
and is filing this form, but is authorized to exercise only trust
powers, check this box. See line 23 for additional instructions.

Exception: If mail sent to the legal address has been returned
to Treasury by the United States Postal Service, Treasury will
update the taxpayers legal address with the address used on
this line in the most recent MBT return.

Lines  10a through 10c: A taxpayer may apportion on lines
10a through 10c only if its business activities are subject
to tax both within and outside of Michigan. A financial
institution is subject to tax in another state, as that term is
used here, only if:

UBGs: In the Name field, enter the name of the DM for the
financial institutions.
Line  3:	Enter a brief description of the principal types of
financial services in which the taxpayer is engaged.
Line  4: Enter the start date of first business activity in Michigan.
Line  5:	Enter the entity’s six-digit North American Industry
Classification System (NAICS) code. For a complete list of
six-digit NAICS codes, see the U.S. Census Bureau Web site
at www.census.gov/eos/www/naics/, or enter the same NAICS
code used when filing the entity’s U.S. Form 1120, Schedule K,
U.S. Form 1120S, or U.S. Form 1065.

12

UBG: If any member of a UBG is a financial institution that
is authorized to exercise only trust powers, the UBG should
check this box.
Line  9:	Check this box if filing a Michigan UBG return and
include Form 4752. For MBT, taxpayer means a person or a
UBG liable for tax, interest, or penalty.

•	 It is subject to a Business Privilege Tax, a Net Income Tax, a
Franchise Tax measured by net income, a Franchise Tax for
the privilege of doing business, or a corporate stock tax or
a tax of the type imposed under the MBT Act in that other
state; OR
•	 That other state has jurisdiction to subject the financial
institution to one or more of the taxes listed above regardless
of whether that state does or does not subject the financial
institution to such a tax.
Under MCL 208.1261(g), gross business means the sum of the

are in Michigan if the financial institution’s customer is
in Michigan. If the location of the financial institution’s
customer cannot be determined, both of the following apply:

following less transactions between those entities included in a UBG:
i.	 Fees, commissions, or other compensation for financial
services.
ii.	 Net gains, not less than zero, from the sale of loans and
other intangibles.
iii.	Net gains, not less than zero, from trading in stocks, bonds,
or other securities.
iv.	Interest charged to customers for carrying debit balances of
margin accounts.
v.	 Interest and dividends received.
vi.	Any other gross proceeds resulting from the operation as a
financial institution.
For a UBG that includes financial institutions, gross business
includes gross business in Michigan of every financial
institution included in that UBG without regard to whether the
financial institution has nexus in Michigan. Gross business
between financial institutions included in a UBG must be
eliminated in calculating the gross business factor.
Gross business is determined to be in Michigan under
extensive guidelines found at MCL 208.1269. These guidelines
are summarized as follows:
•	 Receipts from credit card receivables including interest and
fees or penalties in the nature of interest from credit card
receivables and receipts from fees charged to credit card
holders such as annual fees are in Michigan if the billing
address of the credit card holder is located in Michigan.
•	 Credit card issuer’s reimbursement fees are in Michigan
if the billing address of the credit card holder is located in
Michigan.
•	 Receipts from merchant discounts are in Michigan if the
commercial domicile of the merchant is in Michigan.
•	 Loan servicing fees are in Michigan under any of the
following circumstances:
○	 For a loan secured by real property, if the real property
for which the loan is secured is in Michigan.
○	 For a loan secured by real property, if the real property
for which the loan is secured is located both in
Michigan and in one or more other states and more than
50 percent of the fair market value of the real property
is located in Michigan.
○	 For a loan secured by real property, if more than 50
percent of the fair market value of the real property for
which the loan is secured is not located within any one
state but the borrower is located in Michigan.
○	 For a loan not secured by real property, the borrower is
located in Michigan.
•	 Receipts from services are in Michigan if the recipient of the
services receives all of the benefit of the services in Michigan.
If the recipient of the services receives some of the benefit
of the services in Michigan, the receipts are included in the
numerator of the apportionment factor in proportion to the
extent that the recipient receives benefit of the services in
Michigan.
•	 Receipts from investment assets and activities and trading
assets and activities, including interest and dividends,

•	

•	

•	
•	

•	
•	
•	

○	 Interest, dividends, and other income from investment
assets and activities and from trading assets and
activities, including, but not limited to, investment
securities; trading account assets; federal funds;
securities purchased and sold under agreements
to resell or repurchase; options; futures contracts;
forward contracts; notional principal contracts such
as swaps; equities; and foreign currency transactions
are in Michigan if the average value of the assets is
assigned to a regular place of business of the taxpayer
in Michigan. Interest from federal funds sold and
purchased and from securities purchased under resale
agreements and securities sold under repurchase
agreements are in Michigan if the average value of
the assets is assigned to a regular place of business of
the taxpayer in Michigan. The amount of receipts and
other income from investment assets and activities is
in Michigan if assets are assigned to a regular place of
business of the taxpayer in Michigan.
○	 The amount of receipts from trading assets and
activities, including, but not limited to, assets and
activities in the matched book, in the arbitrage book,
and foreign currency transactions, but excluding
amounts otherwise sourced in this section, are in
Michigan if the assets are assigned to a regular place of
business of the taxpayer in Michigan.
Interest charged to customers for carrying debit balances
on margin accounts without deduction of any costs incurred
in carrying the accounts is in Michigan if the customer is
located in Michigan.
Interest from loans secured by real property is in Michigan
if the property is located in Michigan, if the property is
located both within Michigan and one or more other states
and more than 50 percent of the fair market value of the real
property is located in Michigan, and if more than 50 percent
of the fair market value of the real property is not located
within any one state but the borrower is located in Michigan.
Interest from loans not secured by real property is in
Michigan if the borrower is located in Michigan.
Net gains from the sale of loans secured by real property
or mortgage service rights relating to real property are in
Michigan if the property is in Michigan, if the property is
located both within Michigan and one or more other states
and more than 50 percent of the fair market value of the real
property is located in Michigan, or if more than 50 percent
of the fair market value of the real property is not located in
any one state, but the borrower is located in Michigan.
Net gains from the sale of loans not secured by real property
or any other intangible assets are in Michigan if the
depositor or borrower is located in Michigan.
Receipts from the lease of real property are in Michigan if
the property is located in Michigan.
Receipts from the lease of tangible personal property are in
Michigan if the property is located in Michigan when it is
first placed in service by the lessee.

13

•	 Receipts from the lease of transportation tangible personal
property are in Michigan if the property is used in Michigan
or if the extent of use of the property in Michigan cannot
be determined but the property has its principal base of
operations in Michigan.
UBGs: Carry amount from Form 4752, line 2C, to line 10a, and
the amount from Form 4752, line 3C, to line 10b.
PART 1: FRANCHISE TAX
The following tax base calculation involves a five-year average
of net capital. Enter data from the current tax year and four
most recent MBT tax years to complete the five-year table. For
purposes of this table, treat a partial year as a full year. If the
current and four preceding tax periods include any short periods,
the years printed in column headings for this part will not apply
accurately. For example, a financial institution has a fiscal year
end of June 30 and its current tax year is a short year ending
September 30, 2020. That financial institution reports the periods
ending September 30, 2020, June 30, 2020, June 30, 2019, June
30, 2018, and June 30, 2017.
Short periods: For a filing period less than one full year, in lines
11 through 14, 17a, and 17b for each of the five columns enter the
actual number multiplied by a fraction, the numerator of which
is the number of calendar months in the short period, and the
denominator of which is 12. If the short period includes a partial
calendar month, round down for less than 16 days, and round up
for more than 15 days. Exception: If the entire short period is less
than 16 days long, count that as one month.
UBGs: Leave lines 11 though 18 blank, complete line 19 with
combined data from Form 4752, line 24, and proceed with the
rest of the lines on Form 4590.
Part 1; Lines 11-14, Line 17a and Line 17b: Fiscal Year
Filers: See “Supplemental Instructions for Fiscal MBT Filers
— Financial Institutions” in Form 4599.
Line  11: Enter equity capital as of the last day of the filing
period, as computed in accordance with generally accepted
accounting principles. If the financial institution does not
maintain its books and records in accordance with generally
accepted accounting principles, net capital must be computed
in accordance with the books and records used by the financial
institution, so long as the method fairly reflects the financial
institution’s net capital for purposes of MBT. If the financial
institution owns a subsidiary that is an authorized insurance
company, the equity capital of the insurance subsidiary is not
included in the financial institution’s equity capital. Attach
supporting schedules.
UBGs: In completing the combined return, a member of a
unitary business group of financial institutions eliminates its
investment in the positive Equity Capital of other members of the
same group. Eliminations occur to Equity Capital at the member
level. Because each member of the group must compute the Net
Capital tax base in accordance with GAAP, each member should
represent a positive or zero Equity Capital before Eliminations.
Thus, the resulting unitary return for MBT may not exactly
correlate to the group’s federal returns or consolidated GAAP
equity but will comply with the requirements of the MBT.
Line 13: Under MCL 208.1261(k), Michigan obligations means
a bond, note, or other obligation issued by a governmental unit

14

described in Section 3 of the Shared Credit Rating Act, Public
Act 227 of 1985, MCL 141.1053.
Line  14: Under MCL 208.1261(s), United States obligations
means all obligations of the United States exempt from taxation
under 31 USC 3124(a) or exempt under the United States
constitution or any federal statute, including the obligations
of any instrumentality or agency of the United States that are
exempt from state or local taxation under the United States
constitution or any statute of the United States.
Line  17a: If this taxpayer owns a subsidiary that is an
authorized insurance company, enter the actual amount of the
capital fund maintained within that subsidiary. This does not
include a captive insurance company.
Line  17b: Enter the minimum capital fund amount required by
regulations for that insurance subsidiary.
Line 19: Add line 18, columns A through E. If that amount is
less than zero, enter zero.
UBGs: Add the amount on Form 4752, line 24 for all members
and report the total here. If that combined number is less than
zero, enter zero.
Line 20:  Divide line 19 by 5; however, if the taxpayer has been
in existence for fewer than 5 years. divide by the number of
years of the taxpayer’s existence. Number of years in existence
should equal the number of columns reported on this form.
UBGs: Divide line 19 by 5; however, if the taxpayer (UBG) has
been in existence for fewer than 5 years. divide by the number
of years of the UBG’s existence.
Line  27: Enter nonrefundable credits from the MBT
Nonrefundable Credits Summary (Form 4568), line 40. Note
that these credits have strict eligibility requirements, and only
the following are available to a financial institution:
•	 SBT credit carryforwards (Single Business Tax (SBT) Credit
Carryforwards (Form 4569))
•	 Compensation Credit (claimed on the MBT Credits for
Compensation, Investment, and Research and Development
(Form 4570))
•	 Renaissance Zone Credit (claimed on the MBT Renaissance
Zone Credit Schedule (Form 4595))
•	 Individual or Family Development Account Credit (claimed
on the MBT Miscellaneous Nonrefundable Credits (Form
4573))
•	 Brownfield Redevelopment Credit (calculated on the MBT
Election of Refund or Carryforward of Credits (Form 4584))
•	 Historic Preservation Credit (calculated on Form 4584)
•	 Film Infrastructure Credit (as assignee only)
Line  29: Recapture of certain credits is entered on MBT
Schedule of Recapture of Certain Business Tax Credits and
Deductions (Form 4587). For a financial institution, these are the
Michigan Economic Growth Authority (MEGA) Employment
Tax Credit and Brownfield Redevelopment Credit. If the taxpayer
experienced recapture of either of these credits during the filing
period, complete Form 4587 and carry the result to this line.

PART 2: PAYMENTS, REFUNDABLE CREDITS,
AND TAX DUE
UBGs: On lines 33 through 39, enter combined data for all
members included on this combined return.

Estimated Tax (Form 4582) to compute penalty and interest
due. If a taxpayer chooses not to file this form, Treasury will
compute penalty and interest and bill for payment. (Form 4582
is available on the Web at www.michigan.gov/taxes.)

Line  33: Enter overpayment credited from prior MBT return.

Line  42: Enter the annual return penalty rate in line 42a. Add
the overdue tax penalty in line 42b to the overdue tax interest
in line 42c. Enter total in line 42d.

Line  34: Enter total payments made with the MBT Quarterly
Return (Form 4548), the MBT estimates paid with the
Combined Return for Michigan Taxes (Form 160) or via
Electronic Funds Transfer (EFT). Include all payments made
toward the current filing period.
Line 35: Enter the total withholding payments made on your
behalf by flow-through entities (FTEs). Include all withholding
payments made on returns that apply to the tax year included
in this return. Included on this line would be Flow-Through
Withholding (FTW) payments made by flow-through entities
whose tax years ended with or within the tax year included in
this return. For example, consider an FTE partnership with a
June 30 year end and a taxpayer that has a March 31 year end
and is an owner of the FTE. The FTE will make quarterly
FTW payments in April 2014 (for its quarter ending March
31) and July 2014 (for its quarter ending June 30), and will file
an annual FTW reconciliation return (Form 4918) for its year
ending June 30, 2014. Because the FTE’s tax year ends within
the taxpayer’s 2014-15 fiscal year, all the FTW payments for
that taxpayer are attributable to the taxpayer’s 2014-15 fiscal
year, regardless of the dates of the quarterly payments.
If an amount is entered on this line, complete the MBT
Schedule of Flow-Through Withholding (Form 4966) to
account for the Flow-Through Withholding payments received.
The amount entered on this line must equal the sum of the
combined amount from Form 4966, column E.
NOTE: Flow-through withholding is repealed effective with
FTEs’ tax years beginning after June 30, 2016, under Public
Act 158 of 2016. A CIT taxpayer should not have had any tax
withheld on its behalf by FTEs with tax years beginning after
June 30, 2016.
Line  37: Enter refundable credits from the MBT Refundable
Credits (Form 4574), line 23.
Only the following are available to a financial institution:
•	 MEGA Employment Tax Credit (claimed on Form 4574)
•	 Historic Preservation Credit (calculated on Form 4584)
•	 Brownfield Redevelopment Credit (calculated on Form 4584)
•	 Film Production Credit (as assignee only)
•	 MEGA Photovoltaic Technology Credit (as assignee only).
Amended Returns Only:
Line  39a: Enter payment made with original return.
Line  39b: Enter overpayment calculated on the original
return (regardless of whether it was refunded or
applied as a credit forward)
Line  39c: Add lines 38 and 39a and subtract line 39b from
the sum.
Line  41: If penalty and interest are owed for not filing
estimated returns or for underestimating tax, complete
the MBT Penalty and Interest Computation for Underpaid

Refer to the “Computing Penalty and Interest” section in Form 4599
to determine the annual return penalty rate and use the “Overdue
Tax Penalty” and “Overdue Tax Interest” worksheets below.
WORKSHEET – OVERDUE TAX PENALTY
A. Tax due from Form 4590, line 40.........
B. Late/extension or insufficient
payment penalty percentage.................
C. Multiply line A by line B......................

00
%
00

Carry amount from line C to Form 4590, line 42b.
A.
B.
C.
D.
E.

WORKSHEET – OVERDUE TAX INTEREST
Tax due from Form 4590, line 40.........
Applicable daily interest percentage .....
Number of days return was past due....
Multiply line B by line C .....................
Multiply line A by line D ....................

00
%
00

Carry amount from line E to Form 4590, line 42c.
Line 42c: NOTE: If the late period spans more than one
interest rate period, divide the late period into the number
of days in each of the interest rate periods identified in the
“Computing Penalty and Interest” section in Form 4599, and
apply the calculations in the “Overdue Tax Interest” worksheet
separately to each portion of the late period.
Combine these interest subtotals and carry the total to Form
4590, line 42c.
PART 3: REFUND OR CREDIT FORWARD
Line 44: If the amount of the overpayment, less any penalty
and interest due on lines 41 and 42d is less than zero, enter the
difference (as a positive number) on line 43. If the amount is
greater than zero, enter on line 44.
NOTE: If an overpayment exists, a taxpayer must elect a
refund of all or a portion of the amount and/or designate all or
a portion of the overpayment to be used as an estimate for the
next MBT tax year. Complete lines 45 and 46 as applicable.
Line 45: If the taxpayer anticipates an MBT liability in the
filing period subsequent to this return, some or all of any
overpayment from line 44 may be credited forward to the next
tax year as an estimated payment. Enter the desired amount to
use as an estimate for the next MBT of Corporate Income Tax
(CIT) tax year, whichever is applicable.
Reminder: Taxpayers must sign and date returns. Tax
preparers must provide a Preparer Taxpayer Identification
Number (PTIN), FEIN or Social Security number (SSN), a
business name, and a business address and phone number.

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Other Supporting Forms and Schedules
Federal Forms: Attach copies of these forms to the return.
•	 Corporations: U.S. Form 1120 (pages 1 through 4),
Schedule D, Form 851, Form 4562, and Form 4797. If filing
as part of a consolidated federal return, attach a pro forma
or consolidated schedule.
•	 S Corporations: U.S. Form 1120-S (pages 1 through 4)*,
Schedule D, Form 851, Form 4562, Form 4797, and Form
8825.
•	 Fiduciaries: U.S. Form 1041 (pages 1 through 2), Schedule
D, and Form 4797.
•	 Limited Liability Companies: Attach appropriate
schedules shown above based on federal return filed.
* Do not send copies of K-1s. Treasury will request them if
necessary.

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