Gov. Whitmer Signs Legislation to Cut Taxes for Veterans, Lower Costs for Michigan Small Business Owners

Gov. Whitmer Signs Legislation to Cut Taxes for Veterans, Lower Costs for Michigan Small Business Owners

December 8, 2021 | Lansing, MI | AMN – Governor Whitmer signed Senate Bill 25 and House Bill 4921 which would improve the lives of Michiganders by expanding income tax deductions to disabled veterans and easing requirements for medical and recreational marijuana facilities.

Senate Bill 25 will allow disabled veterans to deduct taxable income attributed to cancellation or forgiveness of a student loan pursuant to the U.S. Department of Education’s Total and Permanent Disability Discharge Program. Under this bill, disabled veterans can deduct income attributed to the forgiveness of a student loan for the 2016 to 2019 tax years and going forward beginning in 2025.

“Our nation’s disabled veterans have served our country with honor and dignity, and this bill helps alleviate 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 great step towards recognizing the sacrifices and service of Michigan’s disabled veterans,” said VFW Michigan State Commander Kevin Conklin. “The VFW Department of Michigan applauds Governor Whitmer and Senator Tom Barrett’s efforts to make Michigan the best state in the Nation for veterans and their families, and we look forward to future legislation that helps us accomplish this goal together.”  

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

House Bill 4921 amends the Michigan Medical Marijuana Licensing Act to allow medical marijuana growers 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 statements must be submitted each state fiscal year.   

“I am committed to making it easier for Michigan business owners to deal with state government,” said Governor Whitmer. “This bill will streamline the financial reporting process for medical marijuana businesses in our state by allowing them to submit financial records to MRA and their local municipalities every three years instead of each fiscal year, cutting red tape for marijuana businesses.”  

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

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