Section 206.28 - Taxable income or net income; definition.
INCOME TAX ACT OF 1967 (EXCERPT)
Act 281 of 1967
206.28 Taxable income or net income; definition.
Sec. 28.
“Taxable income” or “net income” means, unless specifically defined otherwise in this act, taxable income as defined in the internal revenue code for the subject taxpayer for federal income tax purposes, subject to any adjustment resulting from the election in section 271 but without deduction or credit for any tax on or measured by net income.
History: 1967, Act 281, Eff. Oct. 1, 1967