News & Events Digest: November 2023

The state of Michigan received a couple of big ?wins? over the state of Ohio this weekend in both football and the very first Unclaimed Property challenge, according to the Michigan Department of Treasury.

Michigan Unclaimed Property?challenged the?Ohio Division of Unclaimed Funds?to see which state?s residents could find and claim the most forgotten funds. The state with the most searches on?www.MissingMoney.com?from Nov. 1-25 would win the challenge.

The final numbers were:

• Michigan: 240,017 searches
• Ohio: 226,860 searches

As a bonus, the University of Michigan Wolverines beat The Ohio State University (OSU) Buckeyes 30-24 on Saturday, giving our state bragging rights on and off the gridiron. The OSU did defeat Michigan State University earlier this month, so there was a ?split? on the field.

?I want to thank Michiganders for spreading the word about searching for their lost or unclaimed property throughout November,? said Terry Stanton, manager of Michigan Unclaimed Property. ?This victory over Ohio is really a testament to everyone in our state coming together for the ?W.? The real winners are the owners being reunited with money they had forgotten about or misplaced.?

Find your money

Michigan Unclaimed Property has returned more than $550 million to rightful owners or their heirs over the last five years, and a quick online search at?www.MissingMoney.com?could reunite you, your friends and your family members with a potential windfall, including long-lost:

• Checking and savings accounts
• Certificates of Deposit (CD)
• Over payments
• Uncashed Checks (payroll, refunds, money orders, cashier checks, insurance benefits, etc.)
• Dividends Stocks and bonds
• Contents of a safe deposit box?

?Remember to search?www.MissingMoney.com?throughout the year,? Stanton added. ?We update the website regularly and want to reunite you with your lost or unclaimed property.?

Gov. Gretchen Whitmer Encourages Michiganders to Help Their Neighbors by Becoming a Free Tax Preparation Volunteer

Gov. Gretchen Whitmer recently announced a unique opportunity for Michigan residents to contribute to their communities during the upcoming 2024 tax filing season through participation in the?Volunteer Income Tax Assistance (VITA) program.

Free tax preparation services are available to people who generally make $60,000 or less, persons with disabilities, senior citizens, and limited English-speaking taxpayers who need assistance in preparing their tax returns.

?Free tax preparation services lower costs for working families and help them get back every dollar that they are owed after we rolled back the retirement tax and quintupled the Working Families Tax Credit earlier this year,? said?Gov. Whitmer. ?I encourage Michiganders to volunteer with their local VITA program so they can make sure their neighbors maximize their tax refunds and bring their hard-earned state and federal dollars back into their communities. I am proud that earlier this year we delivered over $1 billion in tax relief for seniors and working families, directly benefitting half the kids in Michigan. Now, let?s make sure that relief gets back into the hands of the people who need it most."

Last filing season, VITA programs collectively saved Michigan residents approximately $15.2 million in tax preparation fees and channeled an impressive $52 million back into the pockets of Michiganders.

With the changes in state law to boost the Earned Income Tax Credit for Working Families from 6% to 30% and the Retirement Tax being rolled back, it?s now more important working families and older Michiganders to take advantage of tax preparation services to receive their earned benefits.

"VITA relies on the dedication of volunteers statewide to assist hardworking residents in accessing the federal and state tax benefits they?ve earned," said Chief Deputy Treasurer Jeff Guilfoyle. "While many individuals qualify for free tax preparation services, we require additional volunteers across the state for the VITA program to ensure tax help can be found in our communities and local neighborhoods. This program epitomizes Michiganders at our best: neighbors helping neighbors.?

Read more about becoming a voluntary tax preparer.

MI Career With Treasury: Glenn White

Glenn White is Michigan?s?Deputy Treasurer for Revenue Services. Revenue Services is the area of Treasury that collects most of the revenue that the state relies on to operate; it administers the major taxes, and also operates the state?s collection agency. In addition, the area oversees a tax enforcement team that ensures compliance with our tax laws. After 26 years of serving the public as an attorney, a taxation expert and Treasury leader, Glenn recently announced his retirement, effective December 2023. He plans to decompress a little, visit his four adult children, travel, and see what new retirement opportunity develops after the first of the year?

Career Path

I was a retail business owner for the first half of my career. Although I enjoyed business, I knew I needed to make a change and looked around at my options. My wife suggested law school and my reaction was ?you?re crazy!?. I graduated from Michigan State University (MSU) 20 years earlier with a bachelor?s degree in psychology, and law school was a real stretch. She convinced me, however, to at least take the Law School Admission Test (LSAT) as the first step in decision making. I didn?t have to commit, I just needed to take the first step, which was really a great lesson for me.

Read more about Glenn White on Treasury's Medium site.

With Veterans Day on Nov. 11, the state of Michigan extended its gratitude to current and former military members by reminding them of the special benefits they may be entitled to receive through the Michigan Department of Treasury.

Current and former military members may be eligible to receive:

• Military Pay Tax Exemption. Military pay is exempt from Michigan tax, including military retirement benefits and exit and separation pay.?
• Children of Veterans Tuition Grant. This program provides undergraduate tuition assistance to the children of Michigan veterans who were totally and permanently disabled, missing in action or died while serving. Students may receive scholarship assistance for up to four academic years for a total of up to $11,200.?
• Disabled Veterans?Property Tax Exemption.?A property tax exemption for real property used and owned as a homestead as outlined in state law.?
• Principal Residence Exemption (PRE) for Active-Duty Military Personnel.?Property owners can retain a PRE while on active duty if their property is rented or leased.?
• Property Tax Relief during Active Military Service.?Property owned by a serviceperson cannot be sold to pay delinquent property taxes during a tour of active duty.?
• Summer Property Tax Deferment. A serviceperson, veteran or widow or widower whose income outside of military compensation is no more than $7,500 per year may be eligible for a summer property tax deferment.?
• Federal Military Spouses Residency Relief Act. The spouse of an individual in the military may not be subject to the state's taxation if they are a nonresident of the state, the service member is present in the state due to military orders, the spouse is solely in the state to accompany the service member, and the spouse maintains a domicile in another state. This act was amended in December 2018 to alternately allow military spouses to elect the same state of domicile as their service member spouse, even if they are not present in that state.

"The Michigan Department of Treasury has a commitment to work closely with our military members past and present to ensure they get the tax benefits and other resources they?ve earned," Chief Deputy State Treasurer Jeff Guilfoyle said. "If you have questions about any of these benefits, please contact us so we can talk about your options."

Individuals with questions about tax relief and other benefits for current and past military members should go to?Michigan.gov/Treasury?and click on "Contact." Program-specific phone numbers can be found on the?"Contact" webpage.?

In addition to providing military benefits to military members and veterans, the Michigan Department of Treasury achieved a?Gold-Level Veteran-Friendly Employer Certification from the Michigan Veterans Affairs Agency (MVAA) in June 2023.

To be selected as a Gold-Level Veteran-Friendly Employer, Treasury is required to follow guidelines outlined by the MVAA. Employers must retain at least 75% of veteran hires over the most recent 12 months, implement internal veteran support networks, and create either a hiring rotation or leadership development program within their organization, among other requirements.

Veterans are encouraged to view and apply for open Treasury positions.

Experts estimate that approximately 500,000 individuals in Michigan are eligible to open MiABLE accounts, but only about 1% of that number are currently enrolled statewide.

?We need to increase awareness of this important program,? said R. Scott de Varona, MiABLE program director. ?When MiABLE was signed into law in October 2015, it opened the door to financial freedom for all Michiganders with disabilities yet eight years later we still have so far to go in showing how MiABLE can help bring people with disabilities the financial independence they deserve to fully share with their fellow citizens.?

While de Varona noted that ?there is never a bad time to open a MiABLE account,? he called the anniversary an opportunity to remind people that MiABLE serves as an important financial equity tool for Michiganders.

Established in Michigan in 2015, MiABLE is a disability savings program administered by the Michigan Department of Treasury. It stands for Michigan Achieving a Better Life Experience and was designed to help ease the financial burden challenging families and people with disabilities.?MiABLE accounts help people with disabilities save for current and future expenses without jeopardizing government assistance like Medicaid and Supplemental Security Income (SSI).

In Michigan and nationally, a $2,000 federal asset limit is imposed on people with disabilities who receive government benefits. Compared with their peers, people with disabilities are twice as likely to live in poverty, less likely to be employed and more likely to be underemployed.

MiABLE allows individuals who became disabled before age 26 and their families to save up to $17,000 annually in various investment options. On top of that limit, beneficiaries who are employed can contribute an amount equal to their current-year gross income, up to another $13,590.

Setting up a MiABLE account is quick and easy, generally taking about 15 minutes, de Varona said.

A MiABLE account lets you make your own decisions about how to spend your money on qualified disability expenses (QDE), without getting permission from a special trust. QDEs are expenses to maintain or improve your health, independence or quality of life. Examples include health care costs, housing, education and transportation.

MiABLE also allows family members, guardians, powers of attorney and others to open and manage an account on behalf of a person with a disability.?Earnings on MiABLE savings grow tax-free, and no federal or state tax is owed on withdrawals used to pay for qualified disability expenses.

For more information or to open a MiABLE account online, go to?www.MiABLE.org.