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News & Events Digest: May 2025





May Consensus Revenue Estimating Conference
Administration, Fiscal Agencies Reach Consensus on Revenue Estimates

State Treasurer Rachael Eubanks, Senate Fiscal Agency Director Kathryn Summers and House Fiscal Agency Director Mary Ann Cleary on May 16 reached consensus on revised economic and revenue figures for the remainder of Fiscal Year (FY) 2025 and the upcoming 2026 and 2027 fiscal years.

“Governor Whitmer’s plan to put more money in the pockets of Michiganders is working,” State Treasurer Rachael Eubanks said. “Record refund amounts are going to retirees, working families and more, providing relief at a time when tariffs and economic uncertainty from the federal government is impacting Michiganders in every corner of the state. States around the country are facing uncertainty with federal trade and tax policy, and Michigan is no different. Like other states, we are reassessing our revenue picture for the next two upcoming fiscal years.”

Read more and see the revenue forecast on Treasury's website. [ [link removed] ]

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Mailbox
Average Individual Income Tax Refund Rises to $843, Up 50% in 3 Years

State individual income tax refunds increased for Michiganders during the 2025 tax filing season. 

Nearly a month since the April 15 “Tax Day” deadline, more than 3.5 million refunds were issued at an average of $843 per return, up 50% since 2022. To date, Michigan has issued more than $2.98 billion in refunds. 

“Working families are getting the tax relief they deserve,” Gov. Gretchen Whitmer said. “Our work to roll back the retirement tax and quintuple the Working Families Tax Credit has already saved hundreds of thousands of Michiganders on their taxes and put more money back in their pockets. Our average refund for individual filers is up to $843, which is up 50% in three years, meaning more families can pay the bills, put food on the table, or save for a rainy day.” 

This filing season, 207,000 retiree tax returns saw increased refunds because of the retirement tax changes. Refunds for these retirees jumped nearly $600 on average, distributing roughly $120 million. In addition, the Homestead Property Tax Credit increased about $70 million, providing additional refund relief to taxpayers due to increasing housing costs. 

The quintupling of the Michigan Earned Income Tax Credit for Working Families has also meant an average refund of $900 for working families. 

“The Michigan Department of Treasury is committed to issuing refunds as soon as practical,” State Treasurer Rachael Eubanks said. “My team has worked hard to ensure taxpayers receive their refunds in a timely manner. Putting more money in the pockets of Michiganders helps as we navigate federal policy uncertainty.” 

In 2023, Governor Whitmer signed legislation to quintuple the Michigan Earned Income Tax Credit for Working Families and roll back the retirement tax.  

A table with state individual income tax refund trends is available on Treasury's website. [ [link removed] ]

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Unclaimed Property Website

Michigan Unclaimed Property Rolls Out Refreshed Website

While trees are in full bloom and many Michiganders are in the midst of spring cleaning, Michigan Unclaimed Property is also getting into the act, rolling out a fresh new look and feel of its own.

Visitors to Michigan Unclaimed Property’s [ [link removed] ] website will find an updated design, highlighted by refreshed colors, better usability and easier-to-follow directions for claiming property.

“I encourage individuals and business representatives to visit our refreshed website to see if we may be holding property in their name or in the name of their business,” said Terry Stanton, who oversees Michigan’s Unclaimed Property Program. “Our unclaimed property database is updated throughout the year, so just like spring cleaning, an annual check of our site is always a good idea.”

Michigan Unclaimed Property, within the Michigan Department of Treasury, is the custodian of millions of dollars in lost or forgotten assets, including dormant bank accounts, uncashed checks, stock certificates, and valuables left in abandoned safe deposit boxes. These properties are turned over to the state once they are determined to be lost or abandoned, as required by law. 

Michigan Unclaimed Property then works to reunite the properties with their rightful owners -- or the owners' heirs.

Michigan Unclaimed Property returned more than $150 million to rightful owners or their heirs last fiscal year.

*Listen now*

The Treasury Talk PODCAST, hosted by State Treasurer Rachael Eubanks, features Stanton and Unclaimed Property in a recent episode: “How to Find Your Missing Money [ [link removed] ].”

Listeners are encouraged to search Michigan.gov/UnclaimedProperty [ [link removed] ] for themselves and for family members – this time of year, some extra cash is always nice when planning a spring vacation.

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Distressed Communities

State Treasurer Announces Grants for Distressed Municipalities

State Treasurer Rachael Eubanks on April 30 announced a total of $2.5 million is being awarded to 13 municipalities through the Financially Distressed Cities, Villages and Townships (FDCVT) Grant Program.

Municipalities can participate in the FDCVT Grant Program if they are experiencing one or more conditions indicative of “probable financial distress” as defined in state law [ [link removed] ]. The grants fund specific projects, services, or strategies, including infrastructure and public safety enhancements, that move a city, village or township toward financial stability.

“This year, the Michigan Department of Treasury awarded grants for infrastructure and public safety projects in communities spanning from Southeast Michigan to the Upper Peninsula,” State Treasurer Rachael Eubanks said. “Funded projects help provide movement toward financial stability for our local communities. Our team will ensure these grants are provided to our communities as expeditiously as possible.”  

For Fiscal Year 2025, the Michigan Legislature appropriated $2.5 million for the program, with a carryover of $13,049 from the previous fiscal year.  The FDCVT Grant Program has a $2 million cap per municipality and grants are awarded based on applications submitted by the municipality.

Read more and view a list of grant recipients on Treasury's website. [ [link removed] ]

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A person sitting at a desk with a calculator and notebook
Calculation of State Individual Income Tax Rate Adjustment for 2025 Tax Year; State’s Individual Income Tax Rate Remains at 4.25%

State Treasurer Rachael Eubanks, Senate Fiscal Agency Director Kathryn Summers and House Fiscal Agency Director Mary Ann Cleary on May 1 published their calculation [ [link removed] ] about whether an individual income tax rate adjustment is required for the 2025 tax year.

Upon publication of the state of Michigan’s Annual Comprehensive Financial Report (ACFR) for Fiscal Year 2024 – which ran from Oct. 1, 2023, to Sept. 30, 2024 – the state treasurer and agency directors conducted a state law-required calculation to determine if a rate change was required. The result of that calculation found that the conditions for an individual income tax reduction were not present.

*Treasury Administration of Calculation*

“To determine the individual income tax rate, a very specific calculation within state law [ [link removed] ] must be conducted annually following release of the Michigan’s ACFR,” State Treasurer Rachael Eubanks said. “This year’s calculation indicates that the state’s individual income tax rate will remain at 4.25%.”

For the tax year 2025, the determination is based on the state fiscal year ended Sept. 30, 2024.  Under state law, the individual income tax rate may be subject to a formulary reduction if the general fund grew faster than the rate of inflation for the immediately preceding state fiscal year and the inflation rate is positive. The general fund did grow faster than inflation for this period necessitating the application of a statutory formula to determine if a rate reduction is warranted. After applying the statutory formula, no rate reduction is required so the individual income tax rate for 2025 remains at 4.25%.

The ACFR for Fiscal Year 2024 can be found on the State Budget Office’s website [ [link removed] ]. Additional details about the individual income tax rate calculation can be found in a taxpayer notice issued by the Michigan Department of Treasury [ [link removed] ].

In 2015, Michigan enacted a law requiring a temporary reduction of the state individual income tax rate if the general fund grew faster than the rate of inflation in any year starting for the 2023 tax year. Upon the publication of the annual ACFR each year, the state law requires the state treasurer and the directors of the House and Senate Fiscal Agencies to determine if the income tax rate will change.

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Jill Trepkoski

Jill Trepkoski Named Deputy Treasurer for Financial and Administrative Services

The Michigan Department of Treasury is pleased to announce that Jill Trepkoski has been named the deputy treasurer for Financial and Administrative Services.

As chief financial and procurement officer for Michigan Economic Development Corporation (MEDC) and the Michigan Strategic Fund (MSF), Jill was responsible for ensuring financial stewardship of funds and appropriations while providing direction to the financial needs of the organization through strategic planning and advice. Her work included conducting complex financial analyses and cash-flow projections to support budget strategies, providing financial expertise to business unit senior leaders, assisting staff with the annual fiscal year-end close process, and participating in statewide financial forums.

Previous roles showcase the depth and breadth of Jill’s experience in state government and history as a Certified Public Accountant (CPA), most recently as controller/chief accountant with MEDC/MSF and expenditure operations manager with Michigan Department of Health and Human Services (MDHHS). In addition, Jill also worked for the Michigan Department of Environmental Quality (DEQ) and the Legislative Office of Auditor General.

Jill graduated from Michigan State University with a Bachelor of Arts degree in accounting.

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Child who graduated
Michigan Celebrates 529 Day by Creating more Opportunities for College Savings for Families

In honor of National 529 Day and Gov. Gretchen Whitmer’s proclamation of 529 Awareness Day in Michigan [ [link removed] ], the state’s two direct-sold college savings programs—Michigan Education Trust (MET) and Michigan Education Savings Program (MESP)—are opening new doors for families beginning to save for their children’s future.

A 529 plan is a tax-advantaged savings account designed to help families save for future education expenses.

MET, the state’s prepaid tuition savings program, has reduced its initial contribution amount to just $25 — its lowest ever — and is offering a $50 bonus for new and existing account owners who contribute at least $250 to an existing account or open a new one between May 29 and June 1. Find the full set of rules on MET's website. [ [link removed] ]

“For more than 35 years, MET has helped make college possible for Michigan families,” said *Diane Brewer*, executive director of MET. “Now, with just $25, you can open a MET and begin securing tomorrow’s tuition at today’s prices. We want everyone to know: It’s never too early to start investing with MET.”

Certified financial planner *Michael Brocavich*, partner and director of financial planning at the Southfield-based Center for Financial Planning, praised the move as an important step toward increasing participation.

“Too many families assume saving for college requires a large upfront investment. But a $25 minimum makes this accessible to everyone, and starting small still builds meaningful momentum,” Brocavich said. “MET offers a disciplined, tax-smart way to make sure future educational needs don’t become a financial crisis.”

*Pam Brady* of Clinton Township, who has opened eight MET contracts for her daughter and grandchildren, knows firsthand the long-term benefits.

“I opened my first MET in the late ’80s when the program was brand-new. I’ve watched it help cover community college, university and even graduate school for my family,” Brady said. “It’s one of the smartest things I’ve ever done — and it’s never been easier for other families to get started.”

The MET and MESP teams hold in-person events across the state where families can ask questions, open accounts and get one-on-one help. A new joint YouTube page from both programs [ [link removed] ] offers informational videos to help parents and grandparents understand the benefits and features of each plan.

Both MET and MESP provide state tax deductions on contributions, and qualified withdrawals are exempt from federal and state income taxes. MET also allows families to save for future use at Michigan public colleges — and funds are transferable to private and out-of-state schools.

“Whether it’s grandparents looking to give a meaningful gift or parents planning for the years ahead, Michigan’s 529 programs make saving for education easier, smarter and more inclusive than ever,” Brewer said.

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