Michigan HB5484 updates sourcing and apportionment provisions for individual income tax.

Michigan HB5484 amends Michigan's individual income tax law to update sourcing and apportionment provisions. It modifies how income from various sources, including telecommunications services, real property, intangible property, and media property, is attributed to Michigan. The bill also repeals certain sections of the existing law and introduces new definitions and rules for determining the state source of income. This includes specific provisions for the apportionment of income for flow-through entities and the allocation of income for nonresident estates and trusts.

Michigan HB5484 updates sourcing and apportionment provisions for individual income tax.

Michigan HB5484 amends Michigan's individual income tax law to update sourcing and apportionment provisions. It modifies how income from various sources, including telecommunications services, real property, intangible property, and media property, is attributed to Michigan. The bill also repeals certain sections of the existing law and introduces new definitions and rules for determining the state source of income. This includes specific provisions for the apportionment of income for flow-through entities and the allocation of income for nonresident estates and trusts.