News & Events Digest: March 2024

Individual Income Tax Returns due in Less Than a Month

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 Monday, April 15. For more information about e-filing, go to?www.mifastfile.org

?Taxpayers still have time to complete and file their 2023 tax return before the mid-April deadline," said Deputy State Treasurer Kavita Kale, who oversees Treasury's Revenue Services programs. ?This year, there are a lot of tax benefits on the table for Michigan?s taxpayers, including an expanded Michigan Earned Income Tax Credit for Working Families and the ?Retirement Tax? rollback. Consider e-filing or finding a reputable tax preparer to ensure an accurate return is filed and all benefits are received.?

For the 2023 tax year, the Michigan Earned Income Tax Credit for Working Families quintupled from 6% to 30% and retirees have more options for choosing the best taxing situation for their retirement benefits.

As of March 21, more than 2.1 million tax returns have been processed, providing more than $1.46 billion in refunds. The average refund amount is $841.

Printed tax forms are available online and 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 15, 2024. City of Detroit individual income tax returns are also due on April 15, 2024.

Ask Tax Questions with eServices

Michigan taxpayers who have questions about their individual income tax returns or refunds can use the?Treasury eServices?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.

The?Treasury eServices?platform also enables taxpayers to change addresses, view estimated tax payments, calculate penalty and interest, and view and respond to letters. Tax refund status information is available through eServices.

REMINDER: Volunteer Tax Preparers Can Connect Taxpayers with Tax Credits, Other Benefits

With the quintupling of the?Michigan Earned Income Tax Credit for Working Families from 6% to 30% and other tax benefits on the table this year, the Michigan Department of Treasury is encouraging low-to-moderate income taxpayers to find qualified professional or volunteer tax preparers to ensure no benefits are left behind.

?Eligible taxpayers could miss out on valuable tax benefits if they don?t file a tax return or incorrectly file a tax return,? said State Treasurer Rachael Eubanks. ?Volunteer preparers can help taxpayers receive the most deductions and credits possible. These benefits can reduce the amount of tax owed or even create a refund. Please connect with the tax preparation assistance that fits your situation.?

The Internal Revenue Service?s Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs offer free basic return preparation to qualified individuals. Generally, assistance from VITA or TCE?is available to taxpayers who meet one of the following conditions:

Your income is $64,000 or less.
You are a person with a disability.
You speak limited or no English.
You are age 60 or older.

For information about free tax help, go to?irs.treasury.gov/freetaxprep?or dial 2-1-1.?Additional free tax help can be found at?www.michiganfreetaxhelp.org.?

The Michigan Department of Treasury provides?guidance online about finding a qualified, paid tax preparer.

Under state law, taxpayers are responsible for the content within their tax returns and for any additional payments, penalty and interest that may result from a tax preparer?s error. While the state of Michigan does not require tax preparers to be licensed, many are licensed, certified and belong to professional organizations that require a minimum level of education and provide ongoing training.

NEW episode of Treasury Talk PODCAST with MI Treasurer Rachael Eubanks and her guest, Veteran and Chief Operations Officer Corey Grant, discussing leadership best practices.

The sun is shining, and it?s the season for renewal. If you received a #Medicaid renewal packet, complete and return the paperwork as soon as possible to keep access to your family?s benefits.

COREY GRANT: Circling Home

In 2004, a massive tsunami hit Thailand, sending 100-foot waves blasting inland and killing over 200,000 people. With orders from the Pentagon, the regional Command Center in Hawaii called the Installation Deployment Officer in Japan with urgent orders to act:?You need to deploy troops, medical supplies, and cargo into Thailand to support the humanitarian mission. The Logistics Officer tasked with the effort was?Corey Grant, and without the assistance of the internet, she was able to coordinate, arrange transport and deploy lifesaving aid and thousands of military members to the crisis-stricken country. Corey accomplished her mission in less than 24 hours ? and bravely deployed her own Commander.

TODAY, Corey Grant is the chief operations officer for the?Michigan Department of Treasury. She defines her general responsibility as ?all things people? but specifically guides the?Budget, Security & Technology Bureau, the?Bureau of Lean Innovation and Improvement, and the?Office of Communications.

Book Giveaway Underscores Michigan Education Trust?s Mission to Prepare Students for the Future

In conjunction with National Reading Month in March, the?Michigan Education Trust?(MET) has donated more than $1,000 each to 19 schools across the state to purchase books from a Michigan independent bookseller.

In addition, three of the schools got personal visits from?MET representatives?and?Whoodini, MET?s mascot. The rest will receive their gift package in the mail.

?Filling bookshelves at our schools complements MET?s fundamental objective to prepare Michigan?s children for their future educational needs,? said MET Deputy Director?Megan Patino. ?The gift of learning begins with reading in the same way that the gift of education begins with saving for school.?

The book giveaway ??an extension of MET?s 35^th?anniversary celebration in 2023 ? was offered to schools throughout the state. Participating schools were required to opt in to receive the donation. The 19 schools choosing to participate will each receive $1,020 worth of gift certificates from Schuler Books, a Michigan independent bookseller with brick-and-mortar locations in Grand Rapids, Okemos, Ann Arbor and West Bloomfield. No tax dollars were used to purchase the gifts.

Kicking off the giveaways, Whoodini presented gift certificates to?Regent Park Scholars Academy in Detroit?on Monday.

On Tuesday, March 19, MET?s mascot delivered gift certificates to Beechnau Elementary School in Ravenna in Muskegon County?and to?Summit Academy North Elementary in Romulus?at its Literacy Night and Wellness Fair.

In all, MET estimates each school will be able to purchase approximately 68 books (based on an average estimated cost of $15 per book) with the Schuler gift certificates. Each book also will be labeled with a sticker commemorating MET?s anniversary.

Since it was signed into law more than 35 years ago as Michigan?s Section 529 prepaid tuition program, MET?s objective has been to help families financially prepare for their children?s educational future by prepurchasing future tuition at today?s rates.

?MET recognizes that the gift of education begins with saving money for school, and that is our primary mission,? Patino said. ?But our overarching goal is to help prepare Michigan?s children for a prosperous future. Reading is the cornerstone to building a successful life, just as the gift of saving for school through MET serves as a financial foundation for future educational needs.?

More information about MET can be found at SETwithMET.com?or by calling 800-MET-4-KID.

Contributions to an existing account can be made at any time during the year through MET?s secure?online pay site.

Michigan schools receiving books are:

Arno Elementary School,?Allen Park
Auburn Elementary School,?Auburn
Beechnau Elementary School,?Ravenna
Corunna Middle School,?Corunna
Corunna High School,?Corunna
Elsa Meyer Elementary School,?Corunna
Frank Brown Elementary School,?New Boston
Glenn Public School,?Glenn
Hillman Elementary School,?Hillman
McAlear-Sawden Elementary School,?Bay City
Nellie Reed Elementary School,?Corunna
Regent Park Scholars Academy,?Detroit
Sodus Township School District No. 5 ? River School,?Sodus Township
Star International Academy,?Dearborn Heights
Summit Academy North Elementary School,?Romulus
Voyager Elementary School,?Howell
Washington Elementary School,?Bay City
Watervliet South Elementary School,?Watervliet
Wegienka Elementary School,?Brownstown

Campaign to raise awareness of savings plan for people with disabilities and their families focuses on upcoming Able to Save Month

With Able to Save Month fast approaching, the first 200 people who open an eligible MiABLE disability savings account during April will receive up to a $100 match as part of an ongoing campaign to promote the savings and investment program.

?We are doubling down on our statewide campaign to encourage more Michiganders with disabilities to open a MiABLE account,? said?R. Scott de Varona, MiABLE program director. ?MiABLE is a fantastic program and we need to broaden awareness so that everyone out there knows it is available to them.?

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

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 people with disabilities and their families.?MiABLE accounts help people with disabilities save for current and future expenses without jeopardizing government assistance like Medicaid and Supplemental Security Income.

In Michigan and nationally, a $2,000 federal asset limit is imposed on people with disabilities who receive government benefits.

MiABLE lets people who became disabled before age 26 save up to $18,000 annually and?make their own decisions about how to spend their money on qualified disability expenses (QDE) related to health and wellness, housing, transportation, employment training, technology and more. Beyond?that limit, beneficiaries who are employed can contribute an amount equal to their current-year gross income, up to another $14,580.

Nicole Derusha-Mackey of Genesee County is a big fan of MiABLE and the financial freedom it has given her in saving for her 19-year-old son, Devin, who was diagnosed with Barth syndrome ? a rare disease affecting 1 out of every 300,000 to 400,000 people worldwide.

Before Devin?s diagnosis, Derusha-Mackey had been putting money in a college fund. Now, she?s using MiABLE to save for Devin?s future.

A MiABLE account broadens the way the money can be used, including education. Derusha-Mackey?s MiABLE account has helped pay for travel expenses for Devin to go to medical appointments at the Kennedy Krieger Institute in Baltimore, which is the only clinic in the United States that treats Barth syndrome. He also recently bought a mobility scooter.

Becoming a MiABLE account owner is simple. It?generally takes about 15 minutes and requires about the same effort and information as opening a bank account.?For more information or to open a MiABLE account online, go to?www.MiABLE.org.

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.

Michigan Infrastructure Council Appoints Palencia Mobley as Chair, Welcomes Two New Members

The?Michigan Infrastructure Council?(MIC) recently announced it has appointed Palencia Mobley, P.E., founder and CEO of Mode Collective, as chair. In this role, Mobley will lead the MIC in fostering greater collaboration and partnerships among stakeholders to develop innovative solutions, secure funding for critical projects, and ensure Michigan?s infrastructure remains resilient and sustainable for future generations. Mobley was appointed to the MIC by Governor Whitmer in 2018 and will serve as chair through Dec. 31, 2026.

?As a firm believer in the power of infrastructure to drive economic growth and enhance quality of life, I am honored to lead MIC in addressing the critical challenges facing our communities,? Mobley said. ?With a focus on equity, innovation, and collaboration, I am committed to advancing our mission and ensuring that Michigan is a place where people can live, work and raise a family today and tomorrow. I am eager to leverage my experience and expertise to lead the organization in addressing the complex challenges of our state?s infrastructure.?

Mobley will oversee and implement an asset management strategy for the state's infrastructure systems. Her strategic vision, combined with her deep understanding of infrastructure, will drive positive change and pave the way for a safer, more sustainable and equitable Michigan.

?Palencia brings with her a wealth of experience and expertise in infrastructure asset management that will be instrumental in leading MIC as we work to improve the state?s asset management system,? said MIC Executive Director Ryan Laruwe. ?Her commitment to promoting equity and inclusion in infrastructure planning and development is commendable, and we believe her visionary leadership will drive meaningful progress in addressing disparities and ensuring access to essential infrastructure services for all Michiganders.??

The MIC also announced today that it has welcomed two new members, Chuck Marshall and Doug Matthews. Marshall was appointed by Speaker Joe Tate and Matthews was appointed by Senate Majority Leader Winnie Brinks. Both members will serve through Dec. 31, 2026. Marshall is vice president of transmission planning for ITC Holdings Corp. and Matthews is assistant city manager for the City of Grand Rapids.

The MIC is comprised of nine appointed voting members who are representative of one or more of the following: (1) asset management experts from the public and private sectors with knowledge of and expertise in the areas of planning, design, construction, management, operations and maintenance for drinking water, wastewater, stormwater, transportation, energy, and communications, (2) financial and procurement experts from the public or private sector, and (3) experts in regional asset management planning across jurisdictions and infrastructure sectors.

To learn more information about the Michigan Infrastructure Council, please visit?www.michigan.gov/mic.

Adult-Use Marijuana Payments Being Distributed to Michigan Municipalities and Counties

The Michigan Department of Treasury on Feb. 29 announced that more than $87 million is being distributed among 269 municipalities?and counties as a part of the Michigan Regulation and Taxation of Marijuana Act.

Over the next few days,?99 cities, 30 villages, 69 townships and 71 counties?will receive payments from the Marihuana Regulation Fund. For the state of Michigan's 2023?fiscal year, this means each eligible municipality and county will receive more than $59,000 for every licensed retail store and microbusiness located within its jurisdiction.

"This week, many Michigan municipalities and counties will begin seeing their share of adult-use marijuana payments appear in their banking accounts," State Treasurer Rachael Eubanks said. "Through a partnership, the dollars received from the adult-use marijuana taxes and fees are distributed to our participating communities. These dollars may be spent how our local units deem fit to their needs."

Revenue was collected from 737 licensees among the state's cities, villages and townships during the 2023 fiscal year. Some of these municipalities host more than one licensed retail store and microbusiness.

For the 2023 state fiscal year, there was more than $290.3 million available for distribution from the Marihuana Regulation Fund.

State law outlines?how much is distributed from the Marihuana Regulation Fund.

Aside from the more than $87 million in disbursements to municipalities and counties, $101.6 million was sent to the School Aid Fund for K-12 education and another $101.6 million to the Michigan Transportation Fund.

?The tax funding for municipalities and counties that comes from the marijuana excise tax is a very important benefit of the legal cannabis industry in Michigan,? said Cannabis Regulatory Agency (CRA) Executive Director Brian Hanna. "The CRA is committed to doing our part in supporting our licensees so that they can continue to grow the local economy throughout the state with good-paying jobs and increased revenues for local government budgets.?

For more information about adult-use marijuana tax distributions -?including a breakdown of how much municipalities and counties received?- go to?Michigan.gov/RevenueSharing. To learn more about Michigan's adult-use marijuana industry, go to?Michigan.gov/cra .

Follow MI Treasury on social media for MORE news, information and resources!

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