News & Events Digest: November 2024

Joycelyn Isenberg Named Executive Director of the State Tax Commission

Deputy State Treasurer Kevin Smith recently announced that Joycelyn Isenberg has been named the executive director of the State Tax Commission.

The State Tax Commission provides general supervision over the administration of property tax laws in Michigan, provides assistance and advice to assessors, and educates and certifies assessing officers. As executive director, Joycelyn will be responsible for reviewing and evaluating policy research and analysis related to Michigan’s property tax laws and provide recommendations and support to the three-member commission.

“The State Tax Commission is an important regulatory body responsible for the fair administration of Michigan property tax laws,” said Smith, who oversees the Michigan Department of Treasury’s local government programs. “I am confident Joycelyn will assist the commission in assuring fair treatment for taxpayers, and proper guidance and support for the assessing community to hold up our long-standing commitment for fair and equitable application of tax law.”

Joycelyn brings more than 25 years of assessment administration experience as a certified assessing officer and more than seven years of experience in local government administration and management, developing best practices, providing strategic planning, training and facilitative leadership by working with multiple city, village and township officials. Her local government experience will assist the State Tax Commission and Treasury to better serve communities across Michigan.

Joycelyn recently served Treasury as a state administrative manager, overseeing technical assistance and policy recommendations relating to real and personal property assessment practices. She was responsible for aiding with the administration of the General Property Tax Act.

“Joycelyn is a valued leader in the property tax administration field, and I am honored to be able to work with her directly,” said State Tax Commission Chairperson Peggy Nolde. “She is very dedicated and professional, and I have the utmost confidence in her ability to assist this commission with our responsibilities as we move forward.”

Prior to coming to Treasury, Joycelyn worked as an equalization field supervisor for Oakland County Equalization, where she was responsible for the day-to-day administration and management of the county’s equalization and assessment operations, including the development and implementation of policies and procedures.

Joycelyn holds a Bachelor of Business Administration degree and is a Michigan Master Assessing Officer. To learn more about the State Tax Commission, go to www.michigan.gov/statetaxcommission.

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

Last month, Governor Gretchen Whitmer announced a unique opportunity for Michigan residents to contribute to their communities during the upcoming 2025 tax filing season: participation in the Volunteer Income Tax Assistance (VITA) program.

The VITA program provides free tax preparation services to low- to moderate-income individuals, persons with disabilities, senior citizens, and limited English-speaking taxpayers who need assistance with preparing their tax returns.

“More Michiganders than ever are getting tax cuts and returns thanks to our work to lower costs for seniors and working families,” said Governor Whitmer. “We rolled back the retirement tax, saving 500,000 households more than $1,000 a year, and quintupled the Working Families Tax Credit, delivering $3,150 refunds to over 700,000 working families. I encourage Michiganders to volunteer with VITA programs to help hardworking Michiganders access the tax refunds they deserve. We’ll keep working hard to put money back in Michiganders’ pockets, where it belongs.”

During the 2024 filing season, VITA programs collectively saved Michigan residents approximately $16.7 million in tax preparation fees and provided $58 million back into the pockets of Michiganders, according to a Community Economic Development Association (CEDAM) analysis of Internal Revenue Service data.

“Becoming a voluntary income tax preparer can make a difference in your community,” State Treasurer Rachael Eubanks said. “Helping individuals prepare and file their tax returns opens the door to tax credits and other benefits that would otherwise be left behind. VITA is a high-impact program that is very meaningful and rewarding. It’s Michiganders helping their fellow neighbors. Please consider becoming a volunteer today.”

VITA volunteers are community members trained to help their neighbors file their taxes for free and claim every tax credit available to them. Their service directly aids individuals and families in securing financial stability, weathering unexpected financial challenges, and enhancing overall economic well-being.

Learn more about becoming a VITA volunteer on Treasury's website.

ICYMI: State Treasurer Rachael Eubanks and podcast guest Kelly Frump, director of Treasury Human Resources, discuss careers at Treasury.

Your Career Starts Here!

A Chance to Snag a Black Friday Deal with $50 Bonus for College Savings

As the holiday shopping season marks its traditional opening on Black Friday, the Michigan Education Trust (MET) wants to help shoppers put a little something extra under their tree on the way to a debt-free college future.

“Black Friday is all about finding deals, and not just on electronics and new clothes. Education is a gift that never goes out of style, and this is one bargain you don’t want to miss,” said Diane Brewer, executive director of MET, Michigan’s 529 prepaid tuition savings program.

MET allows families to prepurchase college credits at today’s prices, protecting against future tuition hikes. Plus, purchases made before Dec. 31, 2024, qualify for a Michigan state income tax deduction this year for eligible Michigan residents. MET funds can be used to pay out-of-state and Michigan private college and university tuition. MET credits can also be transferred to other eligible family members.

With the Black Friday Bonus promotion, purchasers can score a $50 bonus while building for a brighter future for young people who may be years away from visions of college dancing in their heads but whose families are already planning to foot the bill.

Brewer encouraged Michiganders to “take a break from the shopping carts and long checkout lines.”

“With tuition prices rising, MET is a smart, practical gift for your family’s future and one that lasts a lifetime,” Brewer said. “Our Black Friday promotion offers an easy and rewarding way for families to invest in a brighter tomorrow, but don’t wait because the bonus deal ends on Cyber Monday.”

From Friday, Nov. 29, 2024, through Monday, Dec. 2, 2024, MET is offering the bonus to families who start or grow their college savings with a MET 529 prepaid tuition savings plan.

For details and eligibility requirements, visit Black Friday Bonus Rules.

How it works:

New Customers: Open a new Pay-As-You-Go MET account using coupon code BLKFRI24 and make your initial credit hour payment to get a $50 bonus.
Existing Customers: Contribute $200 or more to an existing Pay-As-You-Go MET account during the promotional period to claim your $50 bonus.

Why MET makes the perfect gift:

Portable and Flexible: Funds can be used at colleges, universities and technical schools nationwide.
Transferable: Share benefits with family members or get a refund if plans change.
Tax-Free: Withdrawals for qualified educational expenses are free from state and federal taxes.

Additional information about MET can be found at www.michigan.gov/setwithmet.

The Michigan Education Savings Program Retains Silver Rating from Morningstar

The Michigan Education Savings Program (MESP) is proud to announce that it has once again earned a Silver Rating from Morningstar, a leading provider of independent investment research. The prestigious recognition underscores MESP’s commitment to providing Michigan families with a robust and effective way to save for their children’s future higher education expenses.

Morningstar’s rating reflects the program’s strong investment offerings, low fees, and overall performance. MESP has consistently demonstrated its ability to deliver value to its participants, making it a trusted choice for Michigan families looking to help secure their children’s higher education future.

“We are thrilled to receive the Silver Rating from Morningstar for another year,” said Diane Brewer, MESP program administrator. “This recognition highlights our dedication to providing quality investment options and our ongoing efforts to help families save for higher education. We remain committed to ensuring that every family in Michigan has the opportunity to pursue their education goals without financial burden.”

The MESP offers a variety of investment options, including enrollment year options, which automatically adjust as the beneficiary gets older, and static options allowing families to tailor their investments to their risk tolerance. Additionally, MESP participants may benefit from triple tax advantages including a state tax deduction on contributions made to an MESP account up to $10,000 for married couples filing jointly or $5,000 for individuals filing single per year, tax-deferred growth, and tax-free withdrawals for qualified higher education expenses, making it an attractive option for families saving for college.

With the rising costs of higher education, it is more important than ever for families to have access to effective savings tools. MESP aims to empower families to take charge of their educational savings, ensuring that children have the resources they need to succeed in their academic pursuits.

Based upon Morningstar’s 2024 analysis of 59 education savings plans rated on process, people, parent and price, MESP was cited for multiple accolades including, “diligent stewardship and offers a well-constructed plan at a low cost,” as well as praise for “Michigan’s Office of Postsecondary Financial Planning and Bureau of Investments work together and provide superb and prudent oversight, earning a High Parent rating.”

MESP is one of three Michigan Section 529 plans, named after the section of the Internal Revenue Code that allowed for their creation. The others are the Michigan Education Trust prepaid tuition program and the MI 529 Advisor plan, which is offered through investment advisers.

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.

MESP can be used at any eligible college, university or trade school in the nation and some abroad for a variety of qualified higher education expenses, including tuition, fees, certain room and board costs, books, supplies and equipment required for enrollment.

More information about MESP is available at MISaves.com or by calling 877-861-6377.

Graphic of an individual looking at a computer.

Grants Available for Financially Distressed Cities, Villages and Townships

Cities, villages and townships experiencing financial struggles can now apply for a grant to help fund special projects and free up tax dollars for important services, according to the Michigan Department of Treasury (Treasury).

Applications are now being accepted for the Financially Distressed Cities, Villages and Townships (FDCVT) grant program. Municipalities interested in applying for an award must submit applications to the state Treasury Department by 11:59 p.m. on Friday, January 17, 2025.

All cities, villages and townships experiencing at least one condition of “probable financial distress” as outlined in the Local Financial Stability and Choice Act are eligible to apply for up to $2 million. A total of $2.5 million in funding is available for Treasury to award through the FDCVT grant program for the 2025 fiscal year.

Grant funding may be used to pay for specific projects or services that move a community toward financial stability. Preference will be given to applications from municipalities that meet one or more of the following criteria:

A financial emergency has been declared in the past 10 years.
An approved deficit elimination plan for the General Fund is currently in place.
Two or more conditions indicating “probable financial distress” currently exist.
The fund balance of the General Fund has been declining over the past five years and the fund balance is less than 3 percent of the General Fund revenues.

Due to requirements outlined under state law, school districts are not eligible for funds from this grant program.

For more information about the FDCVT grant program or to download an application, go to www.michigan.gov/revenuesharing.

Public Comment Request on Exposure Draft for a Numbered Letter about State Pension and Other Post-Employment Benefit Grants

The Local Audit and Finance Division is currently soliciting public comment on the Numbered Letter 2024-2 Accounting for State Pension and Other Post-Employment Benefits (OPEB) grants.

The MI Local Retirement Grant was created to help provide relief to the local units of government with the most significant burden from qualified pension and retirement health benefit systems on their annual budget and revenues. As authorized under Public Act 119 of 2023, Section 990, the state pension and OPEB grants were awarded to eligible local governments in September 2024.

The Michigan Department of Treasury will be issuing the Numbered Letter 2024-2 Accounting for State Pension and OPEB Grants PA 119 of 2023, to provide direction to local units of governments that received an award on the accounting and reporting of the grant.

Any individual or organization that would like to submit comments should provide those comments in writing by December 9, 2024.

You can find the selected Numbered Letter Exposure Draft for Public Comment below:

Comments may be submitted by email to [email protected] with the subject line entitled, “Numbered Letter 2024-2 Accounting for State Pension and OPEB Grants PA 119 of 2023."

Alternatively, responses may also be submitted via U.S Postal Service to:

Local Audit and Finance Division
Michigan Department of Treasury
P.O. Box 30728
Lansing, Michigan 48909-8228

If you have any questions, please contact our office at 517-335-7469

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

CAREERS

X-TWITTER

LINKEDIN

INSTAGRAM