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Sun March 31, 2013
Michigan processes shorter corporate tax returns
LANSING, Mich. (AP) - Michigan says the new corporate income tax returns it's processing are much shorter in length than other business tax returns.
The state Department of Treasury says the returns submitted to date average 17 pages. That's 41 fewer pages than the average Michigan Business Tax return.
The Corporate Income Tax approved in 2011 took effect for the 2012 tax year. Some businesses still file an MBT return because they qualify for certain tax credits.
The state says some MBT returns are longer than 1,000 pages.
Lt. Gov. Brian Calley says the new business tax is better because it's simpler and fairer, adding that some small- and medium-sized businesses are no longer subject to double taxation. In cutting business taxes, Gov. Rick Snyder approved higher taxes on individuals to offset lost revenue.