Dykema-Obtained Michigan Appellate Court Ruling on Excess SBT Investment Tax Credit Touted in Bloomberg BNA

Press Mentions

2.25.13

A recent judgment (Asahi Kasei Plastics North America Inc v. Michigan Department of Treasury, Mich. Ct. App., No. 309240, per curiam 1/29/13) secured by Wayne Roberts, Assistant Leader of Dykema’s Tax Practice Group, from the State of Michigan Court of Appeals, was highlighted in the February 22 edition of Bloomberg BNA.

In its decision, the Appeals Court has ruled that Michigan taxpayers can carry forward excess single business tax (SBT) investment tax credits for the cost of certain tangible assets for up to nine years, but that excess credits – because they’re not a “refund” – are not subject to the four-year limitations period that applies to refunds.

Bloomberg BNA is the foremost source of tax and accounting research, news, practice tools, and guidance for tax attorneys, CPAs, corporate tax managers, estate planners, and financial accountants. The reporting service covers a wide variety of federal tax, state tax, and international tax transactions, as well as estate planning and financial accounting best practices.