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News & Events Digest





*March 2023*
Northern Lights

The Northern Lights appear in the night sky near Linden, Mich., on March 23, 2023. (Danelle Gittus/Michigan Department of Treasury)

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State Individual Income Tax Returns Due in Less Than a Month

Taxes

The Michigan Department of Treasury (Treasury) is reminding taxpayers that state individual income tax returns are due in less than a month.

State individual income tax returns must be filed electronically or postmarked through the U.S. Postal Service by 11:59 p.m. on Tuesday, April 18.

“With the individual income tax deadline approaching in mid-April, there is still plenty of time left to file your tax return," said Deputy State Treasurer Glenn White, who oversees Treasury's Revenue Services programs. “Consider e-filing to ensure an accurate return and timely refund.”

Choosing electronic filing and direct deposit is convenient, safe and secure. Last year, more than 4.8 million Michigan taxpayers e-filed, which is 89% of state income tax filers.

For more information about e-filing, go to www.mifastfile.org [ [link removed] ].

Printed tax forms are available at public libraries, post offices in northern Michigan and the Upper Peninsula, Department of Health and Human Services county offices, and Treasury field offices.

For the benefit and convenience of taxpayers, both federal and state of Michigan individual income tax returns are due April 18, 2023.

City of Detroit individual income tax returns are due on April 18, 2023.

*Free Tax Help*

Individuals with low income, disabilities or are 60 years of age or older may qualify for free tax preparation help from IRS-certified volunteers [ [link removed] ]. For information about free tax help, go to irs.treasury.gov/freetaxprep [ [link removed] ] or dial 2-1-1.

To learn more about Michigan's individual income tax or to download forms, go to www.michigan.gov/incometax [ [link removed] ]. Information about the city of Detroit's individual income tax can be found at www.michigan.gov/citytax [ [link removed] ].


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*Check Refund Status, Ask Questions with eServices*

Computer Money

Michigan taxpayers who have questions about their individual income tax returns or refunds can use the Treasury eServices [ [link removed] ] platform to find answers.

The state Treasury Department portal enables taxpayers to ask state individual income tax-related questions when convenient and avoids waiting for a customer service representative to answer your call. Taxpayers typically get answers to questions through Treasury eServices within 24 to 48 hours.

Real-time tax refund status information is available 24 hours a day, seven days a week.

The Treasury eServices [ [link removed] ] platform also enables taxpayers to change addresses, view estimated tax payments, calculate penalty and interest, and view and respond to letters.


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Applicants Wanted for Home Heating Credit

Home Heating Credit

Michiganders who need help with their energy bills can now apply for the Home Heating Credit.

Low-income, deaf, disabled or blind persons, disabled veterans and senior citizens may qualify for the Home Heating Credit. Applicants are not required to file a Michigan individual income tax return to receive the credit.

"While it may be March, heating season is still in full force as we navigate yet another chilly Michigan spring," said State Treasurer Rachael Eubanks. "This credit can provide assistance on heating bills during our cold seasons, allowing individuals to spend their hard-earned dollars on other necessities. Please don't hesitate to seek out assistance if you think you're eligible."

Individuals can apply for the Home Heating Credit electronically through the e-File system [ [link removed] ].

Forms and instructional materials are available on the internet at Michigan.gov/IncomeTax [ [link removed] ] or by calling 517-636-4486. Forms are also available at many libraries, Northern Michigan post offices, and Michigan Department of Health and Human Services (MDHHS) offices across the state.

All applications for the credit must be received by Sept. 30, 2023.

Over the last five years, around 257,500 claimants each year have received the Home Heating Credit, with an average credit of $209.

Additional information can be found on the Home Heating Credit website [ [link removed] ]. For more information about resources available for heating assistance, go to Michigan.gov/HeatingAssistance [ [link removed] ].


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Understand What Financial Aid Award Letters Mean by Attending an Upcoming Webinar

Financial Aid

Students and families who have completed their Free Application for Student Aid (FAFSA) and received a financial aid award letter from their chosen college or university are encouraged to attend an upcoming webinar.

*“*Trying to figure out how to pay for college can be confusing and overwhelming,” said Robin Lott, director of Treasury’s Office of Postsecondary Financial Planning. “My team is ready to help students and families navigate the complexity of college and university award letters, providing valuable insight on how to pay for college. We also will touch on the Michigan Achievement Scholarship, which is a ‘game changer’ for the Class of 2023 students. Don’t hesitate to sign up for a session today.”

The MI Student Aid Outreach Team will be providing the following information during the webinars:


* How to compare college financial aid award letters
* Tools to help students and families make the best financial decisions
* Better understand the individual scholarships, grants, and loans offered
* Scholarship search resources and easy to use budgeting tools
* Submit general aid related questions via Q&A and receive real-time answers

All sessions are free of charge and open to the public. Please register for one session only, as space is limited. 


* April 13 at 6:30-7:30 p.m. ET [ [link removed] ]
* April 27 at 6:30-7:30 p.m. ET [ [link removed] ]

For more resources, visit Understanding Your Award Letter [ [link removed] ] on MI Student Aid’s website.


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Score big at Tax Time with the Michigan Education Savings Program

College Savings

The 2023 tax filing season is in full swing -- and the refund that some taxpayers will receive makes the process of preparing state and federal tax returns rewarding. It is also the time for some Michigan families to evaluate their financial situation and plan for their future. 

According to IRS data [ [link removed] ], federal tax refunds averaged $3,039 in 2022. Of course, that raises the question of what to do with the money. Why not consider jumpstarting college savings with a Michigan Education Savings Program (MESP) account?

Michigan families can score big at tax time with the MESP's triple tax benefits:

*1. State Income Tax Deduction*

Individual taxpayers may deduct up to $5,000 in MESP contributions each year from their Michigan-adjusted gross income, and taxpayers filing jointly may deduct up to $10,000.

*2. 100% Tax-Deferred Growth*

In addition to a state income tax deduction, any account earnings grow 100 percent tax-deferred [ [link removed] ] at both the state and federal levels. This means that instead of paying taxes annually on any earnings, an account owner can potentially grow their account faster.

*3. Tax-Free Withdrawals*

Account owners can withdraw funds tax free when paying for qualified education expenses at any accredited college, university, or trade schools across the U.S. and many schools abroad. Qualified higher education expenses include tuition, fees, room and board, books, computers, related technology, and more.

MESP Administrator Diane Brewer is encouraging parents, grandparents, and guardians to put any refund or bonus funds to work in an MESP account for a child or grandchild.

“Investing your tax refund or bonus in an MESP account is a smart and easy way to help plan and save for a child’s postsecondary education,” Brewer said. “Even a small ‘windfall’ like a tax refund or bonus can help accelerate the value of a current account or help kickstart a new one.” 

MESP is a state-sponsored, tax-advantaged 529 college savings plan created in 2000 to help people save for the cost of higher education.

Managed by TIAA-CREF Tuition Financing Inc. on behalf of the Michigan Department of Treasury, MESP has more than 301,000 accounts with total assets exceeding $7 billion.

Ranked among the nation’s best state-sponsored 529 college savings programs, MESP is one of only two 529 plans in the nation to earn a GOLD rating from Morningstar, an investment research and management firm. Based on its 2022 analysis of 54, 529 college savings plans, MESP earned the coveted “GOLD” rating.

According to the analysis, “The Michigan Education Savings Program offers a well-rounded menu of affordable options constructed by a forward-thinking team that places it among the best 529 plans across the nation.” [ [link removed] ]

The MESP has retained the GOLD rating for three consecutive years.

MESP is one of three Michigan Section 529 plans, named after the section of the Internal Revenue Code that allowed for their creation. Each plan offers Michigan taxpayers a state income tax deduction on contributions and potential tax-free growth on earnings if account proceeds are used to pay for qualified higher education expenses.

“Whether a child is an infant or a teen, there is no better time to start planning for the future and saving for higher education than right now,” Brewer said. “And that refunded money from Uncle Sam can really help.”

More information about MESP is available at MIsaves.com [ [link removed] ] or 877-861-6377.


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*Gov. Whitmer Joins Wayne State University to Announce New Initiative, Lowering the Cost of College* 

Wayne State

Today, Governor Gretchen Whitmer joined Wayne State University officials to announce the Wayne State Guarantee, a new initiative offering incoming Michigan students with family incomes of $70,000 or less a tuition-free degree with zero out-of-pocket expenses. The program will begin in the fall of 2023 and cover the full cost of tuition and standard fees. This is made possible thanks to the bipartisan Michigan Achievement Scholarship program, which Governor Whitmer signed into law in 2022, saving students up to $8,250 on their associate degree at a community college, up to $20,000 at a private college, or up to $27,500 at a public university. 

“Students in Michigan deserve the opportunity to receive quality, affordable higher education,” said *Governor Whitmer. *“I’m proud to work with universities across the state to lower the cost of college for Michigan students and help them gain the skills to be prepared for the new and expanding businesses coming to the state. Last year, almost half of first-year students at Wayne State University had zero out-of-pocket expenses, with this initiative, the university is offering that opportunity to even more students.” 

“When we invest in students, we invest in Michigan’s future,” said *Lt. Governor Garlin Gilchrist II.* “The Wayne State Guarantee will be a game changer for Michigan students, helping them get a high-quality education with zero out-of-pocket expenses. The best path to a higher quality of life and higher income is getting a degree. The Guarantee will help us grow economic opportunity for Michiganders and achieve our Sixty by 30 goal to get 60% of Michiganders a postsecondary degree or certificate by 2030. Governor Whitmer and I will keep working hard to help every student achieve their dreams and get a great education.” 

“Wayne State has a long history of being a university of access and opportunity, and now our commitment to making a college degree affordable comes in the form of a guarantee,” said *Roy M. Wilson, Wayne State University President. *“We are excited to expand the opportunity for an affordable, world-class education to more Warriors. We are grateful for Governor Whitmer’s leadership in establishing the Michigan Achievement Scholarship and paving the way for Michiganders to pursue tuition-free higher education.” 

*Who’s Eligible for the Wayne State Guarantee* 


* Incoming first-year undergraduates who are Michigan residents admitted for fall 2023 as a first-time undergraduate in a degree-program. 

* Household income of $70,000 or less and assets of $50,000 or less as confirmed on the 2023-24 FAFSA. 
* Michigan residents eligible for the Pell grant in 2023-24 are also eligible. 
* Must be enrolled full time (12 or more credit hours per semester) each semester. Funding is for fall and winter semesters. 
* WSU must receive your 2023-24 FAFSA by April 1, 2023, and be eligible to receive federal student aid. 
* Must be admitted to WSU by April 1, 2023. 

The Wayne State Guarantee covers the full cost of tuition and standard fees (matriculation, registration, and student service fees) with a combination of federal, state, and other WSU scholarships and grants. The award is renewable for up to four years, with the option to apply for a fifth year if the student is on track to graduate in that year. 

Wayne State provides more than $350 million in financial aid annually. 

*Michigan Achievement Scholarship   * 

To make college more affordable for families, grow Michigan’s talent pool, and get the state closer to achieving its Sixty by 30 goal, the governor signed bipartisan legislation creating the Michigan Achievement Scholarship. This legislation builds on Governor Whitmer’s promise in 2019 to pass Michigan Reconnect and Michigan Opportunity Scholarships to reach the state’s Sixty by 30 goal of 60% of adults with a skill certificate or college degree by 2030.    

The scholarships are renewable for up to three years at a community college and up to five years at a private college or public university, totaling up to:   


* $8,250 at community college    
* $20,000 at a private college or university    
* $27,500 at a public university  

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My Career at MI Treasury: KEVIN BONDS

Kevin Bonds

"As Administrator with Individual Income Taxes, Kevin Bonds directs and manages the state of Michigan's Individual Income Tax system to include fiduciary, pension, tribal and farmland returns. He is responsible for meeting annual metric goals for production, monitoring call rates to ensure industry standards are met, and for overseeing correspondence to maintain a high level of customer service. Here's how his Treasury career began…"

I have been with the state of Michigan for 21 years. Five of those years, I was with the Michigan Economic Development Corporation and I have been with Treasury for 17 years.

*ORIGINAL MENTOR*

I have three degrees: an Associates in human resources, a Bachelor's in business and a Master of Business Administration in management. I came to Treasury as a fluke, and ended up really enjoying it while working for a wonderful woman in the executive office. Her name was *Julie Croll*, she was the chief deputy treasurer and she helped me understand organizational framework and how to leverage myself for upward mobility. With her mentorship, I was able to seek out other opportunities within Treasury -- and I'm privileged to have had five different roles in Treasury that have led to my current position.



*Read More About Kevin Bonds on LinkedIn* [ [link removed] ]

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Podcast

Join host Treasurer *Rachael Eubanks* [ [link removed] ] and her guest, State Budget Director *Chris Harkins* [ [link removed] ] for insight designed to help small business owners guide and grow their companies in Michigan’s changing economy.  Director Harkins touches on talent and workforce development, and on budget recommendations for funding centered on economic development.  When Michigan’s economy is strong, small businesses thrive!

*Listen to the Podcast Now* [ [link removed] ]






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This email was sent to [email protected] using GovDelivery Communications Cloud on behalf of: Michigan Department of Treasury · Lansing, MI 48922 · 517-335-7508
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