Michigan Treasury Issues Bulletin on Credit, Refund of Overpayment of Multiple Taxes Due, Applicable Interest

The Michigan Department of Treasury Dec. 21 issued a bulletin to reflect statutory changes to the statute of limitations extension provision of the Revenue Act for corporate income, individual income, trust income, property, sales and use, and excise tax purposes. The Revenue Act provides that a taxpayer must make a claim for refund of taxes overpaid, or credits in excess of the tax due, within four years from the date set for filing the original return. The bulletin includes: 1) procedures for determining the amount of a taxpayer’s refund; 2) definition of a valid return; 3) application of any excess ...