Taxes

Mark Sanchez
Courtesy photo / LinkedIn.com

U.S. Supreme Court case will decide e-commerce taxes and we discuss Michigan venture capital and angel investing.

flickr.com

Michigan residents will get a $25 tax cut per individual within a few years under legislation signed into law by Gov. Rick Snyder.

The Republican governor signed the bills Wednesday at his Capitol office in Lansing. GOP legislative leaders who pushed for the tax relief joined him for the bill-signing event.

The measure also clarifies that Michigan's personal tax exemption continues, after concerns were raised that the recent federal tax cuts could eliminate it due to how the state code is linked to the U.S. code.

The state is processing home heating credit applications for the 2017 tax year. The Michigan Agency for Energy says instruction booklets have been mailed by the state Treasury department and residents may apply for the credit even if a Michigan tax return is not filed.

Home heating credits help low-income Michigan residents with winter energy bills.

The Treasury department says nearly 315,000 people applied last year for the credit. The average credit was $170. More than 83 percent of the credit applications were filed electronically in 2017.

flickr.com

The Legislature officially returns next week, and a top priority in Lansing will likely be the state’s tax code.

The new federal tax law caused a stir in Michigan. That’s because it could mean residents will lose some state exemptions and have to pay higher state taxes.

Governor Snyder wants to make sure the federal law doesn’t hurt the wallets of Michiganders.

Lieutenant Governor Brian Calley has been working on the issue. He says it doesn’t require a major fix, but it will have to be approved by the Legislature.

flickr.com

The U.S. House has passed the $1.5 trillion Tax Cuts and Jobs Act in a re-vote. West Michigan Congressional leaders explained they’re “yes” votes through social media.

“Hey, everybody it’s Bill Huizenga coming live from my office in Washington D.C.”

Via Facebook Live the Zeeland Republican explained his vote for tax reform was the right thing to do for the country.

flickr.com

Gov. Rick Snyder has signed into law an income tax break for an estimated 800 retired Detroit police and firefighters who have been paying higher taxes under a law he backed that eliminated or reduced exemptions from the taxation of retirement income. 

The new law enacted Thursday also will benefit hundreds of retirees from the Michigan State Police.

The measure allows the retirees who were not part of Social Security in their government employment to deduct more of their pension income from being taxed if they were born after 1952 and were retired as of Jan. 1, 2013.

A Michigan man who sent thousands of cigarettes to a friend overseas appears to be on the hook for thousands of dollars in taxes. Davor Vulic purchased 1,800 cartons of cigarettes from an out-of-state business and shipped them to a friend in Bosnia-Herzegovina, who covered all costs.

The Peninsula

Bills that would give tax incentives to developers for cleaning up brownfield sites are going to the Michigan governor's desk.

The Senate voted 32-6 Tuesday to approve House changes. One change calls for 35 percent of redevelopment projects to be located in cities with under 100,000 people.

The legislation would let developers keep $40 million of taxes generated annually from jobs and residents at the sites and $200 million in construction taxes over the program's life.

The money would help cover the cost of cleaning up brownfield sites.

flickr.com / DonkeyHotey

The Michigan Municipal League is hosting public forums talking about the state’s system for funding municipalities that it believes is broken. The MML says mayors have consolidated services saving taxpayer dollars but more needs to be done.

During its Save MI City stop in Grand Rapids, WGVU spoke with the Michigan Municipal League about the fallout from the Great Recession and how decreases in revenue sharing are impacting cities across the state.

Social Security 101

Jun 22, 2016
Social Security Administration
Social Security Administration / ssa.gov

We have a conversation about Social Security with returning guest Vonda Van Til of the SSI.

Pages