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News & Events Digest: February 2025





SUW Return Deadline
Reminder: Sales, Use and Withholding Taxes Annual Return Deadline on Feb. 28

With the 2024 Sales, Use and Withholding (SUW) Taxes Annual Return deadline on Feb. 28, the Michigan Department of Treasury is reminding eligible business taxpayers to consider filing electronically through Michigan Treasury Online—the state’s web service platform for business taxes.

*“*Michigan Treasury Online provides business taxpayers with options for filing returns, making tax payments and keeping registration information up to date in a paperless environment," said Deputy State Treasurer Kavita Kale, who oversees Treasury's Revenue Services programs. "This platform allows you to easily and securely file the SUW Taxes Annual Return for free. In addition, returns filed electronically are received immediately with confirmation provided to the filer in real time.*”*

All business with SUW tax obligations must file the annual return by Feb. 28. Michigan Treasury Online is open to all taxpayers, service providers, and tax professionals needing to remit the 2024 SUW Taxes Annual Return.

Last year, over 205,0000 business taxpayers took advantage of filing their SUW Taxes Annual Return through Michigan Treasury Online.

Taxpayers with less than $10 million in gross receipts and no allowable deductions or exemptions can also take advantage of the SUW Taxes EZ Annual Return. This form is available exclusively through Michigan Treasury Online and requires about one-third of the information when compared to the standard annual tax return.

To file online, go to [link removed] [ [link removed] ] and create a personal user profile to access Michigan Treasury Online services. No personally identifiable or sensitive information will be required. From there, connect to a Treasury-registered business tax account through Tax Services or Guest Services to file the SUW Taxes Annual Return.



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

The Michigan Department of Treasury on Feb. 21 announced that nearly $100 million is being distributed among 302 local entities and tribes [ [link removed] ] as part of the Michigan Regulation and Taxation of Marijuana Act.

Over the past week, 108 cities, 36 villages, 80 townships, 74 counties and four tribes began receiving payments from the Marihuana Regulation Fund. For the State of Michigan's 2024 fiscal year, this means each eligible municipality, county and tribe will receive more than $58,200 for every licensed retail store and microbusiness located within its jurisdiction.

"Starting this week, my team will begin to distribute adult-use marijuana payments to Michigan’s local units of government and tribal partners," State Treasurer Rachael Eubanks said in the Feb. 21 news release. "The dollars received from the adult-use marijuana taxes and fees go toward schools, roads and back into Michigan’s neighborhoods. Local entities and tribes can spend these dollars however they deem fit for their needs."

As a part of recent changes in state law, over $931,000 will be distributed among four federally recognized tribes in Michigan for the first time.

For the 2024 state fiscal year, there was more than $331 million available for distribution from the Marihuana Regulation Fund. Revenue from the state’s 10% adult-use marihuana excise tax and other fees go into the fund.

State law outlines [ [link removed] ] how much is distributed to local entities, tribes, schools, roads and bridges.

Aside from the nearly $100 million in disbursements to municipalities, counties and tribes, more than $116 million was sent to the School Aid Fund for K-12 education and another $116 million to the Michigan Transportation Fund.

“Municipalities, counties, and tribes certainly benefit from their local cannabis businesses in many ways, including good-paying jobs, community involvement, and increased revenues for important priorities in their budget,” said Cannabis Regulatory Agency (CRA) Executive Director Brian Hanna. "This portion of the excise tax revenue makes a direct impact in the communities where our licensees work and live.”

For more information about adult-use marijuana tax distributions -- including a breakdown of how much local entities and tribes received [ [link removed] ] -- go to Michigan.gov/RevenueSharing [ [link removed] ]. To learn more about Michigan's adult-use marijuana industry, go to Michigan.gov/cra [ [link removed] ]. [ [link removed] ]



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Treasury Talk Podcast

Latest Treasury Talk Podcast: "How to Find Your Missing Money" [ [link removed] ]



Deputy Treasurer Posting

Treasury Executive Career Opening for a Deputy Treasurer [ [link removed] ]
(Deadline to Apply: March 7) [ [link removed] ]






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Whoodini Mascot
Michigan Education Trust Makes College Savings Even More Accessible for Working Families

The Michigan Education Trust (MET), the state’s 529 prepaid tuition savings program, is making opening a college savings account more accessible than ever with a *new $25 minimum enrollment contribution *beginning in 2025, replacing the previous requirement to purchase at least one credit hour to start.

This groundbreaking change is designed to make MET plans even more attainable for working families, furthering MET’s commitment to fostering educational opportunities for all Michiganders.

Since its inception in 1988, MET has helped thousands of Michigan families pay for future education at today’s tuition rates, ensuring that higher education remains within reach for everyone. Over its 37-year history, MET has grown to become one of the most successful prepaid tuition programs in the nation, helping more than 105,000 students. MET offers families peace of mind as they save for their children’s futures.

“By lowering the startup cost, we’re making it possible for more families to invest in their children’s futures or enroll more than one student at a time” said *Diane Brewer*, MET executive director. “This move reflects MET’s longtime mission to ensure every Michigan child has a fair chance at higher education, regardless of their family’s financial situation.”

MET has changed the trajectory for thousands of Michigan families, opening doors to higher education that might have otherwise seemed out of reach.

Brewer pointed to the many participants over the years — notably a significant number of first-generation college graduates — who have shared how their parents’ decision to save with MET set them on a path to academic and professional success.

MET’s new $25 minimum contribution is a game changer for Michigan families who may have previously had difficulty coming up with the startup cost of a full credit hour, which today generally ranges between $200 and $800. One such example is Meaghan Mitchell, a mother from Saginaw County, who has long wanted to invest in her young daughters’ education but couldn’t afford the initial cost.

“I’ve always known about MET and how valuable it could be for my kids’ future,” Mitchell said. “But as a working mom, the startup cost for a full credit hour just wasn’t something I could spare. This change makes all the difference. Now, I’m finally able to open METs for my daughters, knowing that their college savings will grow and be secure no matter what happens with tuition costs.”

Mitchell, whose daughters are both under the age of 7, views this opportunity as an investment in their future. “It’s the ultimate gift,” she added. “I can’t wait to start building their education savings in a way that’s manageable for my family.”

MET plans offer flexibility, allowing families to purchase credits for tuition at any in-state public university or community college or even put the funds toward private or out-of-state institutions. The program also provides valuable tax benefits.

Brewer said MET’s decision to reduce the initial contribution amount underscores Michigan’s broader dedication to educational affordability and accessibility, ensuring a brighter future for all families in the state.

Families interested in opening a MET or learning more about the program can visit MET’s website [ [link removed] ]. Enrollment for the $25 minimum begins immediately.



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Jeff Guilfoyle
Chief Deputy Treasurer Presents About Michigan's Tax Structure at Senate Finance Committee

Chief Deputy State Treasurer Jeff Guilfoyle on Feb. 26 delivered a presentation in front of the state Senate Committee on Finance, Insurance and Consumer Protection that touched on Michigan’s tax structure.

In a detailed synopsis, the Chief Deputy State Treasurer discussed the history of business taxes, online sales tax, personal property tax reforms, marihuana taxes, gaming taxes, federal Tax Cuts and Jobs Act effects, retirement tax restoration and the Earned Income Tax Credit. He also discussed tax trends.

A video of the presentation is available on Senate TV [ [link removed] ].



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Local Government Update
Coming in March: Fiscally Ready Communities Webinar

The Michigan Department of Treasury and Michigan State University Extension (MSU Extension) are reminding you of our next Fiscally Ready Communities training opportunity. This FREE training is an hour-and-a-half webinar that's designed to assist appointed and elected officials with entry and intermediate level budgeting knowledge.

*Budgeting for Fiscal Sustainability*


* The budget process and communicating your budget

* Dealing with uncertainty in a changing economy

* Understanding key financial variables, such as:
* The “rainy day fund”/fund balance/net position
* Understanding how the tax base provides revenue
* Understanding volatile revenue
* Forecasting revenue and expenditures


* How to track your budget performance, including reviewing and amending your budget

* How spending in the present will have an impact on the future. 

*Date and Time
**March 10, 2025
* *2 p.m. to 3:30 p.m.

* *Register Now [ [link removed] ]*

For more information about Fiscally Ready Communities, visit Treasury’s Fiscally Ready Communities webpage [ [link removed] ]. Here you can find the 32-page Fiscally Ready Communities Best Practices [ [link removed] ] document giving local officials best practices on policies and procedures to enhance financial management, including cash controls, capital improvement planning, ethics policies, and internal controls.

If you have any questions, please email [email protected] with the subject line “Fiscally Ready.”



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Facts and Figures
2025 Individual Income Tax Filing Season Update

As of Feb. 24, Treasury has processed more than 1.1 million individual income tax returns and issued more than 923,000 refunds. The average state individual income tax refund is nearly $1,000.

Additional information about state individual income taxes can be found at www.Michigan.gov/IIT [ [link removed] ]



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Fostering Futures Banner
Mark your Calendar for the
2025 Fostering Futures Scholarship Events

*Kalamazoo Dinner Gala*
Friday, April 11
5:30 p.m. to 9:30 p.m.
Radisson Plaza Hotel, Kalamazoo

*Pizza Party on the Michigan State Capitol Lawn*
Wednesday, June 18
11 a.m. to 2 p.m.
Capitol Lawn, Lansing

*Detroit Dinner Gala*
Friday, September 12
5:30 p.m. to 9:30 p.m.
Roostertail, Detroit

Learn more at www.michigan.gov/fosteringfutures [ [link removed] ].

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