In December 2021, Michigan amended the Income Tax Act to enact a flow-through entity tax. Retroactive to tax years beginning on or after Jan.1, 2021, the law allows eligible entities to make a valid election, and file and pay tax at the entity level giving a deduction against entity taxable income. Owners can claim a refundable tax credit against the flow-through income — providing an opportunity for significant tax savings by deducting state and local taxes normally restricted by threshold limits at the individual level.
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