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, to the extent not deducted in determining AGI, interest earned in the tax year on an account is deductible. The account holder must submit with their MI-1040 income tax return account statements showing contributions and withdrawals made during that tax year, taxable interest or earnings on the account, and the Form 1099 issued by the financial institution for the account.