4908: Corporate Income Tax Annual Return for Financial Institutions (2024)
Michigan · Michigan Treasury · Used for tax years 2024
Michigan Form 4908 is the 2024 Corporate Income Tax Annual Return for Financial Institutions. It calculates franchise tax liability based on net capital apportioned to Michigan and reports payments, tax due, and any overpayment to refund or credit forward.
Who files this form
Financial institutions with nexus with Michigan must file an annual return. However, a taxpayer whose tax liability is $100 or less does not need to file a return or pay the tax. The text refers to MCL 206.653 for nexus thresholds.
Financial institutions include specified banks, bank holding companies, savings institutions and federally chartered farm credit system institutions. Certain entities owned by these institutions and included in their unitary business group (UBG) also qualify, except insurance companies.
All financial institution members of a UBG must file a combined Form 4908. The designated member generally must be the controlling member. If the controlling member lacks Michigan nexus, it may appoint a group member with nexus.
When it's due
For tax year 2024, the form states that the return is due April 30, or on or before the last day of the fourth month after the close of the tax year.
What you'll need
Have these records and forms ready, as applicable:
- Taxpayer information: name, registered FEIN, address, NAICS code and tax-year dates.
- Financial records: Michigan and total gross business, total equity capital, average daily book values of Michigan and U.S. obligations, and qualifying insurance subsidiary capital amounts.
- Applicable regulatory reports: attach copies of FR Y-9C or FR Y-9SP. If those were not filed for the tax year, attach the applicable FFIEC 031, 041 or 051 call report. The text also provides for a similar report designated by the FFIEC.
- Form 4910: complete and include this schedule for a UBG return.
- Payment records: prior-return credits, estimated payments and tax paid with an extension request.
- Withholding or credit support: W-2G or 1099R information for Michigan withholding. For a flow-through entity tax credit, include Schedule K-1 with its notes, or other supporting documentation received from the electing entity.
- Other applicable forms: Form 5793 for the historic preservation credit, Form 4902 for credit recapture, and Form 4899 to calculate underpaid estimated tax penalty and interest.
How to file
Before filing, register with the Michigan Department of Treasury if you are not already registered, and obtain an FEIN if you do not have one. Registration information is available at www.michigan.gov/businesstaxes.
Complete both pages, include applicable attachments, and sign and date the return. A UBG return must be signed by someone authorized to sign for the designated member.
Without payment, mail the return to:
Michigan Department of Treasury
PO Box 30803
Lansing MI 48909
With payment, pay the amount on line 34 and mail the check and return to:
Michigan Department of Treasury
PO Box 30804
Lansing MI 48909
Make the check payable to State of Michigan. Print the taxpayer's FEIN, the tax year and CIT on the front. Do not staple the check to the return.
Common mistakes
- Using Form 4908 to amend a return. Use Form 4909 for the applicable year instead. Do not include a copy of the original return with the amended return.
- Filing without a registered account number. The return will not be processed until a number is provided. Use the same account number on all forms and enter the page 1 FEIN on page 2.
- Leaving an overpayment unassigned. Complete lines 36 and 37, as applicable, to request a refund, carry the amount forward, or split it between those options.
- Forgetting signatures or preparer details. Sign and date the return. Preparers must provide their PTIN, FEIN or SSN, business name, business address and phone number.
- Stapling the check to the return. The form specifically says not to do this.
Questions people ask
Which regulatory reporting period should I use for equity capital?
Use the FFIEC regulatory report for the period ending with the financial institution's fiscal year end, or the top-tiered parent's fiscal year end for a UBG. If no report coincides with that year end, use the last FFIEC regulatory report issued during that fiscal year.
Can I carry an overpayment forward instead of requesting a refund?
Yes. If you anticipate CIT liability for the next filing period, enter the amount to carry forward on line 36. Enter the requested refund on line 37.
Does entering a new address on this return change my legal address with Treasury?
No. Refunds and correspondence for this return go to the address on the form, but changing the legal address in Treasury's files requires Form 163, Notice of Change or Discontinuance.
How long does the affiliated group election last?
It is irrevocable and binding for the election tax year plus the next nine tax years. Enter the end date of the tax year in which the election was first made on line 8a.