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News & Events Digest





*February 2023*
Eubanks at NAST

State Treasurer Rachael Eubanks moderates an important conversation on tax-exempt bonds, advance refunding, and the Financial Data Transparency Act at the National Association of State Treasurers (NAST) Legislative Conference on Feb. 13. (Courtesty Photo/NAST)

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State Treasurer: Michigan Achievement Scholarship Provides Affordability and Opportunity for Michigan Students, Families

Cap and Money

State Treasurer Rachael Eubanks on Feb. 6 encouraged Michigan students and families to unlock the assistance available from the Michigan Achievement Scholarship by completing the Free Application for Federal Student Aid (FAFSA).

“The Michigan Achievement Scholarship really is a game changer in bringing college affordability and opportunity to many students and families that simply hasn’t been available in previous years,” State Treasurer Rachael Eubanks said. “This scholarship can reduce the costs for post-secondary degrees and certificates at eligible training providers, community colleges, tribal colleges, and public and private universities in Michigan. I strongly encourage students and families to complete the FAFSA so they can unlock this potential financial assistance and make the dreams of a higher education possible.”

Students who graduate from high school in Michigan with a diploma or certificate of completion or achieved a high school equivalency certificate in 2023 or after will be eligible for more financial aid from the state of Michigan: 


* Up to $2,000 if they attend an eligible training provider in Michigan, per year, up to two years
* Up to $2,750 if they attend a Michigan community college, per year, up to three years
* Up to $4,000 if they attend a Michigan private college or university, per year, up to five years
* Up to $5,500 if they attend a Michigan public university, per year, up to five years

Completion of the FAFSA is required to be considered for the Michigan Achievement Scholarship. To get started with the FAFSA, go to www.fafsa.gov [ [link removed] ].

*Upcoming Webinars*

To learn more about the Michigan Achievement Scholarship, high school students and families are encouraged to register for an informational webinar provided by Michigan Department of Treasury’s MI Student Aid team. The webinar will cover the following topics:


* Michigan Achievement Scholarship eligibility requirements
* Michigan Achievement Scholarship award amounts
* Important action items for students and families
* Additional resources and program information

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


* March 7 at 6:30 - 7:30 p.m. [ [link removed] ]
* March 21 at 6:30 - 7:30 p.m. [ [link removed] ]
* April 4 at 6:30 - 7:30 p.m. [ [link removed] ]
* April 18 at 6:30 - 7:30 p.m. [ [link removed] ]
* May 2 at 6:30 - 7:30 p.m. [ [link removed] ]

Additional information about the Michigan Achievement Scholarship is available at www.michigan.gov/achievement [ [link removed] ].

Administered by Michigan Department of Treasury, MI Student Aid is Michigan’s go-to resource for finding the financial resources needed to pay for college. For more information, contact MI Student Aid at [email protected], 1-888-447-2687 or @mistudentaid on Facebook, Twitter, and Instagram.

The Michigan Department of Treasury is not affiliated with National Merit Scholarship Corporation or its registered trademarks National Achievement®, Achievement Scholarship®, or Achievement Scholar®.


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Gov. Whitmer Announces First in Series of Payments Released, Lowering Costs for More Than 600 of Michigan’s Next Generation of Teachers

Teacher

Governor Gretchen Whitmer recently announced that the MI Future Educator Fellowship [ [link removed] ] and Stipend [ [link removed] ] programs’ first payments are being awarded to provide financial assistance to college students aspiring to become teachers. 

“The MI Future Educator Fellowship and Stipends will strengthen our teacher pipeline and help ensure every classroom has a caring, qualified educator,” said *Governor Whitmer*. “Together, we can lower the cost of higher education for future educators and pay our hardworking student teachers, so they are encouraged to stay on the path to the classroom. These programs are still open, and I encourage eligible Michiganders to apply. Let’s work together to grow the education profession by lowering costs and paying our aspiring teachers.” 

The MI Future Educator Fellowship offers aspiring teachers a scholarship to eliminate or lower the cost of tuition while they train to become educators. The MI Future Educator Stipend provides compensation for full-time student teachers while they complete the final stages of their teacher preparation program. 

“Lowering the financial hurdles to help address Michigan’s teacher shortage just makes sense for Michigan’s future,” said *State Treasurer Rachael Eubanks*. “Providing scholarships and stipends to those aspiring to teach can help ease the financial burden when getting a degree. My team is ready to help those who wish to follow their dreams of becoming a teacher.” 

“Michigan teachers help children open doors to learning and future success,” said *State Superintendent Dr. Michael Rice*. “Helping young people interested in teaching careers make their career dreams a reality by providing MI Future Educator Fellowships and Stipends and will help ensure that all classrooms are staffed with trained, certificated teachers to educate and inspire our children for years to come.”   

*MI Future Educator Fellowship* 

Under the MI Future Educator Fellowship program, scholarship awards are given to students through colleges and universities to cover the cost of tuition and fees up to $10,000 for up to three years. Students who receive the award must commit to teaching in a Michigan classroom for at least three years after graduation. 

To date, nearly $2 million in Fellowship scholarships have been awarded to 231 students. Awards are calculated as a part of a student’s overall financial aid package and vary. Over 2,000 students have applied and awards will be made on a rolling basis.  

To be eligible, future educators must apply through the MiSSG Portal [ [link removed] ], submit their Free Application for Federal Student Aid (FAFSA) [ [link removed] ], and:  


* Be working toward their first teacher certification 
* Must have earned at least 56 semester credits or 84 term credits with a cumulative 3.0 GPA.
* Begin the Education Preparation Program [ [link removed] ] full time in fall 2022 or later 
* Be a Michigan resident

The MI Future Educator Fellowship program has $25 million available for those who aspire to become teachers. To learn more about the MI Future Educator Fellowship program [ [link removed] ], go to Michigan.gov/mistudentaid [ [link removed] ].  

*MI Future Educator Stipend* 

Under the MI Future Educator Stipend program, student teachers who began their programs in fall 2022 and afterward can earn $9,600 per semester. The dollars provided by the stipend can be paid toward tuition, living expenses, childcare, among other things. 

To date, more than $3.9 million in Stipend payments has been distributed to 381 student teachers. Nearly 1,800 student teachers have applied and are completing the next steps to have their stipends processed.

Applications are still being accepted for the MI Future Educator Stipend. To be eligible, student teachers must apply through the MiSSG Portal [ [link removed] ] and:    


* Be participating-full time in required student teaching coursework in Michigan  
* Be unpaid by their local district  

The MI Future Educator Stipend program has $50 million available for active student teachers.  

For full eligibility requirements and to apply, visit Michigan.gov/mistudentaid [ [link removed] ].   

For more information or help applying for the Fellowship, visit Michigan.gov/mistudentaid [ [link removed] ] or contact MI Student Aid at [email protected], 1-888-447-2687 or @mistudentaid on Facebook, Twitter, and Instagram. 


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Detroit Individual Income Tax Taxpayers Can Now Pay Tax Bills Online

City of Detroit

The city of Detroit and the Michigan Department of Treasury are pleased to announce that taxpayers now have a new electronic option when paying city income tax balances for Detroit individual income taxes.

Effective immediately, city of Detroit individual income taxpayers can now pay by eCheck or debit or credit card their estimated payments, annual return payments, proposed tax due payments, 10-day demand payments, assessment payments or audit payments. Previously, taxpayers were required to mail a check to the state Treasury Department in Lansing.

To make a city of Detroit individual income tax payment, taxpayers must go to www.michigan.gov/citytax [ [link removed] ] and then click on the “City of Detroit Individual Income Tax” button. Afterward, select “Sending Payments to Treasury,” review the available electronic payment options and then select “Make e-Payment.”  

The State’s eCheck system does not accept payments for Detroit property taxes and other fines. Those looking to pay property taxes can continue to do so in-person, by mail or online [ [link removed] ].

“The option to pay city income taxes electronically is a great added convenience for Detroit taxpayers who up until now were required to mail in payments. Our partnership with the State, in place since 2015 is proving to be a real benefit to the taxpayer,” said Jay Rising, Chief Financial Officer for the city of Detroit.

Taxpayers have the option to pay using eCheck for free or pay using a debit or credit card for a fee. Payments will typically clear taxpayers’ bank accounts within a couple of days and update on statements after a couple of weeks. Payment of city income taxes by eCheck or with a debit or credit card must be made by the due date of the payment.

Federal, state and city individual income tax returns and payments for the 2022 tax year are due on April 18, 2023.

Tax returns can be e-filed or completed using paper forms and mailed through the U.S. Postal Service. If not paid by that date in person, by eCheck or with a debit or credit card on or before that date, payment by check will only be timely if included in the forms mailed and postmarked on or before April 18, 2023.

“Our partnership with the city of Detroit exemplifies taxpayer service,” said State Treasurer Rachael Eubanks. “Taxpayers now have an easy and convenient way to pay their city income tax bills. My team is ready to assist Detroit taxpayers with their tax needs.”

As a part of a partnership with the city, the Michigan Department of Treasury has been processing the city of Detroit’s individual income tax returns since the 2015 tax year. In calendar year 2022, more than 350,000 city individual income tax returns were received and processed by the state.

To learn more about city of Detroit income taxes, go to www.michigan.gov/citytax [ [link removed] ].


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Treasury eServices Enables Taxpayers to Ask Questions, Learn Refund Status

Tax Files

Taxpayers with questions about their state individual income taxes are encouraged to use Treasury eServices [ [link removed] ].

The Michigan Department of Treasury 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.

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

Treasury eServices enables taxpayers to check the status of tax refunds, ask general and specific questions, change addresses and see the status of letters sent to the state Treasury Department.

To ensure taxpayer privacy and security, the following information is required when using Treasury eServices:


* Primary Filer's Social Security Number (SSN)
* Primary Filer's Last Name
* Tax Year
* Filing Status
* Adjusted Gross Income or Total Household Resources [ [link removed] ]

Individuals can find their Adjusted Gross Income on line 10 of the MI-1040. Total Household Resources are found on line 33 on the MI-1040CR or line 37 on the MI-1040CR-7.

To get started with Treasury Self-Service, go to www.michigan.gov/incometax [ [link removed] ] and click on "IIT eService".


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Sales, Use and Withholding Tax Annual Return Deadline Approaching on Feb. 28

Sales, Use and Withholding Taxes

With the Sales, Use and Withholding (SUW) Tax annual return deadline approaching on Feb. 28, the Michigan Department of Treasury is encouraging eligible business taxpayers to consider filing electronically through Michigan Treasury Online.

“Consider using Michigan Treasury Online to file your SUW annual tax return," said Deputy State Treasurer Glenn White, who oversees Treasury's Revenue Services programs. "Michigan Treasury Online makes filing returns and paying your business taxes easy. It requires less time, less taxpayer information and is paperless. If you meet the criteria, take advantage of the EZ form with the deadline approaching."

Business taxpayers with less than $10 million in gross receipts and no allowable deductions or exemptions can also take advantage of the SUW Tax 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 SUW Tax annual return.

Last year, almost 200,0000 business taxpayers took advantage of filing their annual return through Michigan Treasury Online.

To file online, go to www.michigan.gov/mtobusiness and create a Michigan Treasury Online account. No personally identifiable or sensitive information will be required.

All business taxpayers are required to submit their SUW Tax annual returns by Feb. 28.


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

Marijuana

The Michigan Department of Treasury recently announced that more than $59.5 million is being distributed among 224 municipalities and counties as a part of the Michigan Regulation and Taxation of Marijuana Act.

Over the next few days, 81 cities, 26 villages, 53 townships and 64 counties will receive payments from the Marihuana Regulation Fund. For the state of Michigan's 2022 fiscal year, this means each eligible municipality and county will receive more than $51,800 for every licensed retail store and microbusiness located within its jurisdiction.

"Municipalities and counties will begin seeing these 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."

Revenue was collected from 574 licensees among the state's cities, villages and townships during the 2022 fiscal year. Some of these municipalities host more than one licensed retail store and microbusiness.

For the 2022 state fiscal year, there was $198.4 million available for distribution from the Marihuana Regulation Fund.

State law outlines [ [link removed] ] how much is distributed from the Marihuana Regulation Fund.

Aside from the more than $59.5 million in disbursements to municipalities and counties, $69.4 million was sent to the School Aid Fund for K-12 education and another $69.4 million to the Michigan Transportation Fund.

In total, more than $1.8 billion in adult-use marijuana sales was reported for Fiscal Year 2022.

“The team at the CRA does an amazing job and our effective regulatory approach allows our licensees to provide Michigan’s cannabis consumers the safest possible product,” said Cannabis Regulatory Agency (CRA) Executive Director Brian Hanna. "The funding that makes its way to local governments through the excise tax collected by licensed retailers is an important benefit of the regulated cannabis industry and the CRA is committed to doing our part in supporting our law-abiding licensees.”

For more information about adult-use marijuana tax distributions - including a breakdown of how much municipalities and counties 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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Gov. Whitmer Encourages Michiganders to Check State Website for Unclaimed Assets or Property

Unclaimed Property

Governor Gretchen Whitmer encouraged Michiganders to conduct a simple search online to see if they have any lost or abandoned property as a part of National Unclaimed Property Day on Feb. 1.

“Unclaimed Property Day is our annual reminder that Michiganders should check to see if they have something in the state’s ‘lost and found box,’” said Governor Whitmer. “The Michigan Department of Treasury has returned more than $500 million in property to the rightful owners or their heirs over the last five years. Searching for property and filing a claim is as easy as a few clicks of a mouse. I encourage all Michigan residents and businesses to check if they have any lost property that needs to be reclaimed.”

To find out if you have cash or property, go directly to the Michigan's Unclaimed Property website [ [link removed] ], which provides enhanced search options and the ability to upload verifying documentation easily and securely. Individuals who live outside of the state of Michigan can check multiple states’ unclaimed property listings at www.UCPday.com [ [link removed] ].

The Michigan Department of Treasury has millions of dollars in lost or forgotten assets that includes dormant bank accounts, uncashed checks, valuables left in safe deposit boxes and stock certificates. These properties were all turned over to the state once they were determined to be abandoned as required by law.

The Michigan Department of Treasury is the custodian of these assets and reunites them with their owners -- or the owners' heirs -- when they are rightfully claimed.

Individuals are encouraged to search their name, a maiden name, or the name of a business or nonprofit. *There is never a charge to search for and claim property*.

Claimants may also call 517-636-5320 between 9 a.m. and 2 p.m., Monday through Friday.

“Everyone should take advantage of Unclaimed Property Day,” said State Treasurer Rachael Eubanks. “One in seven people has unclaimed property nationally. Take a little time today to search by name or business. My team is ready to help begin the process to reunite Michiganders with their unclaimed property.”

For businesses, corporations, nonprofits, public entities and other organizations holding unclaimed or abandoned property, instructions on how to prepare and easily submit your report and remittance online can be found on Michigan's Unclaimed Property website [ [link removed] ] as well.

According to the National Association of Unclaimed Property Administrators, more than $2.87 billion dollars in unclaimed property was returned to rightful owners around the country in 2021. In Michigan, nearly $137 million was returned to rightful owners last year.


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Treasury Tax Policy Update for February 2023 Published

Treasury Update

Michigan Department of Treasury has published its February 2023 edition of Tax Policy Update [ [link removed] ]. 

In this latest quarterly issue, the following topics are covered:


* Your job in Detroit went remote? Here's how to correctly report your city income taxes.
* Changes to bottle deposit law take effect.
* Recently issued guidance from Treasury
* Audits from single-entity taxpayers that later file a unitary return does not extend statute of limitations for the late unitary filing. 
* And much, much more.

The current February 2023 edition [ [link removed] ] and past editions [ [link removed] ] are available online.

 







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