Michigan Laws 208.1263 – Financial institution subject to franchise tax; nexus
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Terms Used In Michigan Laws 208.1263
- 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, a savings and loan holding company other than a diversified savings and loan holding company as defined in 12 USC 1467a(a)(F), or a federally chartered farm credit system institution. See Michigan Laws 208.1261state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) Every financial institution with nexus in this state as determined under section 200 is subject to a franchise tax. The franchise tax is imposed upon the tax base of the financial institution as determined under section 265 after allocation or apportionment to this state, at the rate of 0.235%.
(2) The tax under this chapter is in lieu of the tax levied and imposed under chapter 2 of this act.