The Taxation Section of the State Bar of Michigan will present a webinar on "Understanding Michigan's New Elective Pass-Through Entity Tax" Wednesday, February 16, from 11 a.m. to 12:15 p.m. via Zoom.
Signed legislation on December 20, 2021, allows Michigan pass-through entities to make an election to pay a newly enacted 4.25% income tax and for the owners of those entities to claim a tax credit against that tax on their Michigan individual income tax returns. The new tax mirrors the so-called State and Local Tax (SALT) cap workaround taxes enacted by several other states that are designed to avoid the $10,000 federal limit on individual itemized deductions for state and local taxes. This election is available retroactively for tax year 2021.
This webinar provides an overview on Michigan's New Elective Passthrough Entity Tax, which includes a discussion on the following:
• How and When to Make Elections
• Mechanics of the New Tax
• Special Situations-Including entities with Corporate Members, potential issues, and other tips
Presenting at the webinar will be Miller Canfield's Gregory Nowak, senior counsel, and Ryan J. Riehl, senior principal, with moderator Buzz S. Leach.
The webinar is free to attend. To register, email program facilitator Mary Owiesny at mowiesny@honigman.com. After receiving registration, participants will be sent a Zoom invitation to attend the webinar.
