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and more than 50 percent of the fair market value of the real line 14, and enter the totals here.
property is located in Michigan, or if more than 50 percent
Line 12: United States obligations means all obligations of
of the fair market value of the real property is not located in
the United States exempt from taxation under 31 USC 3124(a)
any one state, but the borrower is located in Michigan.
or exempt under the United States constitution or any federal
• Net gains from the sale of loans not secured by real property
statute, including the obligations of any instrumentality or
or any other intangible assets are in Michigan if the
agency of the United States that are exempt from state or local
depositor or borrower is located in Michigan.
taxation under the United States Constitution or any statute of
• Receipts from the lease of real property are in Michigan if the United States.
the property is located in Michigan.
• Receipts from the lease of tangible personal property are in UBGs: Sum the entries of all UBG members from Form 4910,
Michigan if the property is located in Michigan when it is line 15, and enter the totals here.
first placed in service by the lessee. Line 15: Enter the equity capital included in the financial
• Receipts from the lease of transportation tangible personal institution equity capital (and included in line 10) of an
property are in Michigan if the property is used in Michigan insurance company owned by the taxpayer, to the extent that
or if the extent of use of the property in Michigan cannot the equity capital (the financial institution’s investment) is
be determined but the property has its principal base of included in line 10. Consider only insurance companies as
operations in Michigan. defined in MCL 206.607 and subject to the Michigan’s CIT
UBGs: Carry amount from Form 4910, Part 2A, line 2C, to line premiums tax, which does not include captive insurance
9a, and the amount from Form 4910, line 3C, to line 9b. companies. For purposes of this deduction, equity capital is
calculated in accordance with Generally Accepted Accounting
PART 1: FRANCHISE TAX Principles.
The following tax base calculation involves a five-year average
UBGs: Sum the entries of all UBG members from Form 4910,
of net capital. Enter data from the current year and four most
line 16, and enter the totals here.
recent tax years to complete the five-year table. For purposes
of this table, treat a partial year as a full year. If the current Line 16: Enter the minimum regulatory capitalization
and four preceding tax years include any short periods, the requirements of the insurance company, which are fixed
years printed in column headings for this part will not apply statutory minimums set forth in Michigan’s Insurance Code of
accurately. For example, a financial institution has a fiscal year- 1956.
end of June 30 and its current tax year is a short year ending
UBGs: Sum the entries of all UBG members from Form 4910,
September 30, 2021. That financial institution reports the
line 17, and enter the totals here.
periods ending September 30, 2021, June 30, 2021, June 30,
2020, June 30, 2019, and June 30, 2018. Line 18: Enter the lesser of line 15a or line 15c.
Line 10: Total equity capital is defined as the amount reported UBGs: Sum the entries of all UBG members from Form 4910,
by the financial institution or, in the case of a unitary business line 19, and enter the totals here.
group of financial institutions, the top-tiered parent entity, on
PART 2: PAYMENTS AND TAX DUE
certain regulatory forms designated by the FFIEC and filed
with the office of the comptroller of currency, the FDIC, or the Line 24: Enter overpayment credited from prior MBT or CIT
Federal Reserve System. The appropriate regulatory form from return.
which total equity capital is reported depends on the size and UBGs: Sum the entries of all UBG members on Form 4910,
nature of the reporting entity. The forms currently designated line 22.
by the FFIEC and required by the CIT are:
Line 25: Enter the total estimated CIT tax paid with the CIT
• The consolidated financial statement for holding companies, Quarterly Tax Return (Form 4913) or the amount of estimated
FR Y-9C. CIT tax paid through Electronic Funds Transfer. Include all
• The parent company only financial statements for small payments made on returns that apply to the tax year included in
holding companies, FR Y-9SP. this return.
• To the extent that FR Y-9C or FR Y-9SP are not filed for the UBGs: Sum the entries of all UBG members on Form 4910,
tax year, the consolidated reports of condition and income, call line 23.
reports, FFIEC 031, 041, or 051.
Line 26: Enter tax paid with the Application for Extension of
If any of these reports is no longer designated by FFIEC for Time to File Michigan Tax Returns (Form 4).
filing, a financial institution will report that amount of total
equity capital reported on a successor form or a report similar UBGs: Sum the entries of all UBG members on Form 4910,
in content and designated by the FFIEC. line 24.
Line 11: Michigan obligations means a bond, note, or other Line 27: Report here Michigan Tax withheld for deferred
obligation issued by a governmental unit described in Section 3 compensation plans, life insurance and/or lottery annuities
of the Shared Credit Rating Act, Public Act 227 of 1985, MCL issued to a business account number through MCL 206.703(1).
141.1053. Taxpayers can enter the Michigan Tax withheld reported on the
W-2G and/or 1099R.
UBGs: Sum the entries of all UBG members from Form 4910,
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