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The Michigan 4568 form is a summary document used to report nonrefundable tax credits under the Michigan Business Tax (MBT). This form helps taxpayers calculate their tax liability after applying eligible credits. It is essential for both standard taxpayers and financial institutions to accurately complete this form to ensure proper credit application.

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Documents used along the form

The Michigan 4568 form is a crucial document used to summarize nonrefundable tax credits for businesses in Michigan. It helps taxpayers determine their tax liability after applying various credits. Along with this form, several other documents are often required or beneficial for a complete tax filing. Below is a list of these forms, each with a brief description.

Form 4567: This is the Michigan Business Tax (MBT) Annual Return for standard taxpayers. It serves as the primary tax return for businesses, detailing their income, deductions, and overall tax liability.
Georgia WC-14 Form: Essential for notifying the Georgia State Board of Workers' Compensation about workplace injury claims, this form ensures proper claim submission and may accompany resources like Forms Georgia for efficient processing.
Form 4590: This form is the MBT Annual Return for financial institutions. It is specifically designed for banks and other financial entities to report their income and calculate their tax obligations.
Form 4569: The SBT Credit Carryforward form allows taxpayers to report any unused Single Business Tax credits that can be carried forward to future tax years.
Form 4570: This form is used to claim various business tax credits, including compensation and investment credits, as well as research and development credits.
Form 4571: This document is used to report credits related to gross receipts and small business alternatives, helping to further reduce tax liability.
Form 4572: This form is utilized for claiming community and educational foundation credits, as well as credits related to homeless shelters and food banks.
Form 4573: This form covers a range of additional credits, including those for film infrastructure, brownfield redevelopment, and more, allowing businesses to maximize their tax benefits.

These forms work in conjunction with the Michigan 4568 to ensure that businesses can accurately report their tax credits and liabilities. Properly completing these documents can lead to significant tax savings and compliance with state regulations.

Michigan 4568 Preview

Michigan Department of Treasury 4568 (Rev. 05-11), Page 1

Attachment 02

2011 MICHIGAN Business Tax Nonrefundable Credits Summary

Issued under authority of Public Act 36 of 2007.

Name	Federal Employer Identiication Number (FEIN) or TR Number

1.	Tax before all credits from Form 4567, line 53, or Form 4590, line 26		1.
2.	SBT credit carryforwards used from Form 4569, line 13		2.
3.	Tax After SBT credit carryforwards. Subtract line 2 from line 1.
	If less than zero, enter zero	3.	00
4.	a. Compensation and Investment Tax Credits from Form 4570, line 26			4a.
	b. If Form 4570, line 20, is negative, enter here as a negative number. Otherwise, leave blank			4b.
5.	Research and Development Credit from Form 4570, line 33		5.
6.	Tax After Research and Development Credit. Subtract lines 4a, 4b
	and 5 from line 3 (see instructions)	6.	00
7.	Small Business Alternative Credit from Form 4571, line 13 or 19, whichever applies		7.
8.	Gross Receipts Filing Threshold Credit from Form 4571, line 27		8.
9.	Tax After Gross Receipts Filing Threshold Credit. Subtract lines 7 and
	8 from line 6 (see instructions)	9.	00
10.	Community and Education Foundations Credit from Form 4572, line 5		10.
11.	Homeless Shelter/Food Bank Credit from Form 4572, line 9		11.
12.	Tax After Homeless Shelter/Food Bank Credit. Subtract lines 10 and
	11 from line 9. If less than zero, enter zero	12.	00
13.	NASCAR Speedway Credit from Form 4573, line 3		13.
14.	Stadium Credit from Form 4573, line 6		14.
15.	Start-up Business Credit from Form 4573, line 9.	If less than zero, enter as a negative number	15.
16.	Tax After Start-up Business Credit. Subtract lines 13, 14 and 15 from
	line 12. If less than zero, enter zero	16.	00
17.	Public Contribution Credit from Form 4572, line 14		17.
18.	Arts and Culture Credit from Form 4572, line 19		18.
19.	Tax After Arts and Culture Credit. Subtract lines 17 and 18 from line
	16 (see instructions)	19.	00
20.	Next Energy Business Activity Credit from Form 4573, line 12		20.
21.	Renaissance Zone Credit from Form 4573, line 14		21.
22.	Historic Preservation Credit Net of Recapture from Form 4573, line 17b		22.
23.	Low-Grade Hematite Credit from Form 4573, line 22		23.
24.	New Motor Vehicle Dealer Inventory Credit from Form 4573, line 27		24.

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Continue on Page 2

4568, Page 2

FEIN or TR Number

25.	Large Food Retailer Credit from Form 4573, line 31	25.
26.	Mid-size Food Retailer Credit from Form 4573, line 35	26.
27.	Bottle Deposit Administration Credit from Form 4573, line 39	27.
28.	MEGA Federal Contract Credit from Form 4573, line 41	28.
29.	Biofuel Infrastructure Credit from Form 4573, line 44	29.
30.	Individual or Family Development Account Credit from Form 4573, line 50	30.
31.	Bonus Depreciation Credit from Form 4573, line 54	31.
32.	International Auto Show Credit from Form 4573, line 57	32.
33.	Brownield Redevelopment Credit from Form 4573, line 59	33.
34.	Private Equity Fund Credit from Form 4573, line 64	34.
35.	Film Job Training Credit from Form 4573, line 69	35.
36.	Film Infrastructure Credit from Form 4573, line 75	36.
37.	MEGA Plug-In Traction Battery Manufacturing Credit from Form 4573, line 78	37.
38.	Anchor Company Payroll Credit from Form 4573, line 80	38.
39.	Anchor Company Taxable Value Credit from Form 4573, line 82	39.
40.	Total Nonrefundable Credits. Add lines 2, 4a, 4b, 5, 7, 8, 10, 11, 13, 14, 15, 17, 18, and 20 through 39.
	Enter total here and carry total to Form 4567, line 54, or Form 4590, line 27	40.

41.Tax After Nonrefundable Credits. Subtract line 40 from line 1. If less than zero, enter zero. (This line must be equal to Form 4567, line 55,

or Form 4590, line 28.)

41.

+ 0000 2011 15 02 27 4

Instructions for Form 4568

Michigan Business Tax (MBT) Nonrefundable Credits Summary

Purpose

The purpose of this form is to determine a taxpayer’s tax liability after application of nonrefundable tax credits.

Form 4568 is intended to summarize all applicable nonrefundable credits. Speciic eligibility criteria, including varying credit carryforward life spans, apply to each of the

nonrefundable credits. For more details about each of the

credits, refer to the MBT Act or the instructions for the speciic

forms referenced on this form.

NOTE: This form may be used by both standard taxpayers and inancial institutions. Insurance companies use the

Miscellaneous Credits for Insurance Companies (Form 4596) to claim credits for which they may be eligible. Of the credits listed on this form, inancial institutions may only claim the following:

•Single Business Tax (SBT) Credit Carryforwards

•Compensation Credit

•Renaissance Zone Credit

•Historic Preservation Credit

•Individual or Family Development Account Credit

•Brownield Redevelopment Credit

•Film Infrastructure Credit.

The goal of arranging credits in this fashion is to minimize the need for taxpayers to go through all the available forms before deciding which ones may be applicable to them. Under the present arrangement, taxpayers are able to identify the forms pertaining to them, and eficiently prepare the tax return. Taxpayers should claim all credits for which they are eligible.

Special Instructions for Unitary Business Groups

Credits are earned and calculated on either an entity-speciic or group basis, as determined by the relevant statutory provisions for the respective credits. Intercompany transactions are not eliminated for the calculation of most credits. Credits earned or calculated on either an entity-speciic or group basis by Unitary Business Group (UBG) members are generally applied against the tax liability of the UBG, unless otherwise speciied by

statute.

Entity-speciic provisions are applied on a member-by-member basis and are addressed in the line-by-line instructions of each form. In none of these cases does a taxpayer that is a UBG take the entity type of its parent, Designated Member (DM), or any other member of the UBG. A UBG taxpayer will not

be attributed an entity type based on the composition of its members.

Complete one Form 4568 for the group.

Further UBG instructions are provided on the forms where the

credits are calculated.

Line-by-Line Instructions

Lines not listed are explained on the form.

NAME AND ACCOUNT NUMBER: Enter name and account number as reported on page 1 of the applicable MBT annual return

(either the MBT Annual Return (Form 4567) for standard taxpayers or the MBT Annual Return for Financial Institutions (Form 4590)).

LINE 6: Although most of the entries on this form are credits that cause tax liability to decrease, if there is an entry on line 4b, subtracting that negative number will cause tax liability to

increase.

The total created by the calculations in this line cannot be less than zero. A total of less than zero is only possible through a

calculation error or an incorrect line entry.

LINE 9: The total created by the calculations in this line cannot be less than zero. A total of less than zero is only possible through a calculation error or an incorrect line entry.

LINE 16: Although most of the entries on this form are credits that cause tax liability to decrease, if there is a negative entry on line 15, subtracting that negative number will cause tax

liability to increase.

LINE 19: The total created by the calculations in this line cannot be less than zero. A total of less than zero is only possible through a calculation error or an incorrect line entry.

Include completed Form 4568 as part of the tax return iling.

Similar forms

Form 4567: Michigan Business Tax Annual Return - This form serves as the primary tax return for businesses in Michigan. Like Form 4568, it is essential for calculating tax liabilities, but it focuses on reporting total income and expenses rather than summarizing credits.
Form 4590: Michigan Business Tax Annual Return for Financial Institutions - Similar to Form 4567, this form is tailored for financial institutions. It includes unique provisions and credits applicable to financial entities, much like how Form 4568 summarizes credits for various businesses.
Form 4570: Compensation and Investment Tax Credits - This document details specific credits available to businesses for compensation and investment. It parallels Form 4568 by providing a structure for claiming credits that reduce overall tax liability.
Form 4571: Small Business Alternative Credit - This form is aimed at small businesses seeking specific tax credits. It shares the objective of Form 4568, which is to facilitate the claiming of credits that can lower tax obligations.
Minnesota Promissory Note: This form serves as a written promise to pay a specified sum at a future date, ensuring all terms are clear. For more details, visit https://promissoryform.com/blank-minnesota-promissory-note/.
Form 4572: Community and Education Foundations Credits - This form focuses on credits related to community contributions and educational support. Similar to Form 4568, it allows taxpayers to summarize various credits that affect their tax calculations.
Form 4573: Miscellaneous Business Tax Credits - This form provides a list of various credits available to businesses, akin to Form 4568's role in summarizing nonrefundable credits. Both forms aim to streamline the process of claiming applicable credits.
Form 4596: Miscellaneous Credits for Insurance Companies - Designed for insurance companies, this form allows them to claim specific credits. It is similar to Form 4568 in that it summarizes available credits, though it is specific to the insurance industry.
Form 4569: SBT Credit Carryforwards - This form deals with the carryforward of credits from previous years. Like Form 4568, it helps taxpayers understand how to apply credits over multiple tax periods.
Form 4580: Michigan Corporate Income Tax Return - While this form is for corporate income tax, it shares similarities with Form 4568 in its goal of calculating tax liability and summarizing applicable credits.
Form 4581: Michigan Corporate Tax Credits - This form outlines specific credits available to corporations. Like Form 4568, it is focused on helping taxpayers reduce their overall tax burden through various credits.

Misconceptions

Understanding the Michigan 4568 form is crucial for businesses looking to navigate their tax obligations effectively. However, several misconceptions can lead to confusion. Here are four common misunderstandings:

Misconception 1: The Michigan 4568 form is only for large businesses.

This is not true. The form is designed for all businesses that qualify for nonrefundable tax credits, regardless of their size. Both small and large businesses can benefit from the credits listed on the form.

Misconception 2: All credits listed on the form can be claimed by any taxpayer.

In reality, eligibility for credits varies. Specific criteria must be met for each credit, and some credits are limited to certain types of businesses, such as financial institutions. It's essential to check the eligibility requirements for each credit before claiming them.

Misconception 3: If a credit is listed on the form, it will automatically reduce tax liability.

This is misleading. While many credits do reduce tax liability, some entries can actually increase it. For example, if a negative number is entered in certain lines, it may lead to an increase in tax liability instead of a decrease.

Misconception 4: Completing the Michigan 4568 form is optional.

This is incorrect. If a taxpayer qualifies for any of the nonrefundable credits, they must complete and submit the Michigan 4568 form as part of their tax return. Failing to do so can result in missed opportunities for tax savings.

Detailed Instructions for Using Michigan 4568

Completing the Michigan 4568 form involves carefully entering financial information and calculating various tax credits. After filling out the form, ensure all calculations are accurate before submitting it with your tax return.

Enter your Name and Federal Employer Identification Number (FEIN) or TR Number at the top of the form.
For line 1, input the Tax before all credits from Form 4567, line 53, or Form 4590, line 26.
On line 2, enter the SBT credit carryforwards used from Form 4569, line 13.
Calculate line 3 by subtracting line 2 from line 1. If the result is less than zero, enter zero.
For line 4a, input the Compensation and Investment Tax Credits from Form 4570, line 26.
If applicable, enter a negative number for line 4b from Form 4570, line 20. If not, leave it blank.
Enter the Research and Development Credit from Form 4570, line 33 on line 5.
Calculate line 6 by subtracting lines 4a, 4b, and 5 from line 3. Ensure the total is not less than zero.
For line 7, input the Small Business Alternative Credit from Form 4571, line 13 or 19, whichever applies.
Enter the Gross Receipts Filing Threshold Credit from Form 4571, line 27 on line 8.
Calculate line 9 by subtracting lines 7 and 8 from line 6. Confirm that the result is not less than zero.
On line 10, input the Community and Education Foundations Credit from Form 4572, line 5.
For line 11, enter the Homeless Shelter/Food Bank Credit from Form 4572, line 9.
Calculate line 12 by subtracting lines 10 and 11 from line 9. If the result is less than zero, enter zero.
Input the NASCAR Speedway Credit from Form 4573, line 3 on line 13.
For line 14, enter the Stadium Credit from Form 4573, line 6.
On line 15, input the Start-up Business Credit from Form 4573, line 9. If this number is negative, enter it as a negative number.
Calculate line 16 by subtracting lines 13, 14, and 15 from line 12. If the result is less than zero, enter zero.
For line 17, enter the Public Contribution Credit from Form 4572, line 14.
Input the Arts and Culture Credit from Form 4572, line 19 on line 18.
Calculate line 19 by subtracting lines 17 and 18 from line 16. Ensure the total is not less than zero.
On line 20, enter the Next Energy Business Activity Credit from Form 4573, line 12.
For line 21, input the Renaissance Zone Credit from Form 4573, line 14.
Enter the Historic Preservation Credit from Form 4573, line 17b on line 22.
Input the Low-Grade Hematite Credit from Form 4573, line 22 on line 23.
For line 24, enter the New Motor Vehicle Dealer Inventory Credit from Form 4573, line 27.
On line 25, input the Large Food Retailer Credit from Form 4573, line 31.
Enter the Mid-size Food Retailer Credit from Form 4573, line 35 on line 26.
For line 27, input the Bottle Deposit Administration Credit from Form 4573, line 39.
Enter the MEGA Federal Contract Credit from Form 4573, line 41 on line 28.
Input the Biofuel Infrastructure Credit from Form 4573, line 44 on line 29.
For line 30, enter the Individual or Family Development Account Credit from Form 4573, line 50.
On line 31, input the Bonus Depreciation Credit from Form 4573, line 54.
Enter the International Auto Show Credit from Form 4573, line 57 on line 32.
Input the Brownfield Redevelopment Credit from Form 4573, line 59 on line 33.
For line 34, enter the Private Equity Fund Credit from Form 4573, line 64.
On line 35, input the Film Job Training Credit from Form 4573, line 69.
Enter the Film Infrastructure Credit from Form 4573, line 75 on line 36.
Input the MEGA Plug-In Traction Battery Manufacturing Credit from Form 4573, line 78 on line 37.
For line 38, enter the Anchor Company Payroll Credit from Form 4573, line 80.
On line 39, input the Anchor Company Taxable Value Credit from Form 4573, line 82.
Calculate line 40 by adding lines 2, 4a, 4b, 5, 7, 8, 10, 11, 13, 14, 15, 17, 18, and lines 20 through 39. Enter this total.
For line 41, subtract line 40 from line 1. If the result is less than zero, enter zero. This amount must match Form 4567, line 55, or Form 4590, line 28.

Dos and Don'ts

When filling out the Michigan 4568 form, there are several important dos and don'ts to keep in mind. Following these guidelines can help ensure that your submission is accurate and complete.

Do double-check your entries for accuracy. Mistakes can lead to delays or issues with your tax return.
Do ensure you are claiming all eligible credits. Review the specific criteria for each credit listed on the form.
Do follow the line-by-line instructions carefully. Each line has specific requirements that must be met.
Do include the completed Form 4568 with your tax return filing. It’s essential for processing your credits.

Don't leave any lines blank unless instructed to do so. Missing information can result in processing delays.
Don't enter negative numbers where they are not allowed. Ensure calculations are correct to avoid errors.
Don't forget to use the correct account number as reported on your annual return. This helps ensure your form is matched to your records.
Don't ignore the eligibility criteria for each credit. Claiming ineligible credits can lead to complications.