Nationwide Units Improperly Shared Tax Credits, Michigan Argues

Nationwide Agribusiness Insurance Co. wrongly was allowed to take advantage of certain Michigan tax credits, the state’s treasury department told the Michigan Supreme Court Thursday.

Affirming the 2024 appeals court ruling would “at worst, create inequality and opportunism that favors large insurance conglomerates over small standalone insurers,” the department said in a supplemental brief.

The filing comes in response to the state high court’s May decision to hold arguments on the Michigan Treasury Department’s petition for review, which asked the parties to elaborate on whether the state’s income tax act allows a unitary business group of insurance companies to ...