Treasury is reviewing the recently enacted tax law changes, including the new Marijuana Wholesale Tax. Developing clear and accurate information for tax stakeholders is our top priority. This guidance will be posted to our website in the coming weeks.
Be aware! Scam text messages are circulating, falsely claiming to be from the Michigan Department of Treasury. These fraudulent messages attempt to deceive you into providing or updating your bank account information. Treasury will never text you for sensitive data. If you receive such a message, do not respond, click any links, or share any information. Delete it immediately.
Marihuana Retailers Excise (MRE) Tax
Homeowner's Principal Residence Exemption
Property Tax Forfeiture and Foreclosure
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Yes. The IFTA Articles of Agreement provide for a late payment penalty in the amount of $50 or 10 percent of the tax due, whichever is greater. The IFTA Agreement also provides for the interest to be charged according to the following:
|
Effective Date |
Monthly Rate |
Annual Rate |
|
January 1, 2023 |
0.67% (0.0067) |
8% |
|
January 1, 2021 |
0.42% (0.0042) |
5% |
|
January 1, 2019 |
0.58% (0.0058) | 7% |
| January 1, 2017 | 0.50% (0.0050) | 6% |
Interest is not charged on the net amount of tax due on the return but is calculated on the amount of tax due to each jurisdiction. In some cases, the interest due can be greater than the net amount of tax due.