Tax deductions

Whitmer signs bills allowing more tax deductions for disabled vets

Governor Whitmer signed Senate Bill 25 and House Bill 4921, which would improve the lives of Michigan residents by expanding tax deductions for disabled veterans and easing requirements for medical and recreational facilities of marijuana.

Senate Bill 25 will allow disabled veterans to deduct taxable income attributed to the cancellation or cancellation of a student loan in accordance with the United States Department of Education’s Full and Permanent Release program . Under this bill, disabled veterans can deduct income attributed to the forgiveness of a student loan for the tax years 2016 to 2019 and onwards in 2025.

“Disabled veterans of our country have served our country with honor and dignity, and this bill helps ease some of their financial burdens,” said Governor Whitmer. “I am proud to sign Senate Bill 25 to recognize the sacrifices made by our veterans and their families and help make their lives easier.”

“Senate Bill 25 is a big step toward recognizing the sacrifice and service of Michigan veterans with disabilities,” said Kevin Conklin, VFW Michigan State Commander. The Michigan VFW Department applauds the efforts of Governor Whitmer and Senator Tom Barrett to make Michigan the best state in the nation for veterans and their families, and we look forward to future legislation that will help us achieve this goal. together. “

Senate Bill 25 was sponsored by Senator Tom Barrett, R-Charlotte, and a copy can be found here.

House Bill 4921 amends the Michigan Medical Marijuana Licensing Act to allow producers of medical marijuana to submit financial statements of their operations to the Marijuana Regulatory Agency (MRA) and the municipality in which they operate every three years. Under current law, these returns must be submitted each state fiscal year.

“I am committed to facilitating the relationship between Michigan business owners and the state government,” Governor Whitmer said. “This bill will streamline the financial reporting process for medical marijuana businesses in our state by allowing them to submit financial records to the MRA and their local municipalities every three years instead of every fiscal year,” thus reducing the bureaucracy for the marijuana companies. “

“This will create a simpler and more efficient financial reporting process for business owners who operate in both the medical and recreational markets,” said Representative Roger Hauck, R-Union Twp. “I am delighted that we were able to work together to create a win-win scenario for industry and state.

House Bill 4921 was sponsored by Representative Roger Hauck, R-Union Twp., And a copy can be found here.