- Health Savings Accounts and High Deductible Health Plans Limits Increased for 2024
The federal government recently announced that the inflation adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) will increase in 2024. For example, HSA contributions for an individual will increase in 2024 to $4,150 from $3,850 in 2023, and the minimum deductible on a HDHP for an individual will increase to $1,600 in 2024 from $1,500 in 2023.
Why it Matters: At a time of economic uncertainty and persistent inflation, these adjustments are intended to allow more people to access health care in a tax advantaged way.
- New Distracted Driving Laws Take Effect June 30
Beginning June 30, Michigan motorists will be prohibited from using any mobile electronic device while operating a motor vehicle, even if at a stop sign or red light. This includes sending/receiving texts, accessing social media, or recording videos.
Why it Matters: First time offences include a $100 fine and/or 16 hours of community service, in addition to one point being added to the individual’s driving record. And penalties will increase for repeated violations.
- US and Canada Announce Electric Vehicle Corridor
Last week, the United States and Canada announced plans to launch a binational electric vehicle corridor stretching from Kalamazoo, Michigan, to Quebec City. The corridor will include fast EV chargers approximately every 50 miles along the 872-mile route.
Why it Matters: Officials said the plan would increase domestic manufacturing, strengthen supply chains and create jobs while supporting climate and alternative energy transportation goals.
- Considerations for Creditors Involved in the Receivership Process
When a business enters receivership, creditors can take several actions to protect their interests and maximize their chances of recovering the money owed to them such as staying informed, participating in the process, filing a proof of claim, and monitoring asset management.
Why it Matters: By staying proactive and engaged throughout the receivership process, creditors can protect their interests and maximize the chances of recovering the money owed to them.
- June 5 Business Education Series
During this two-presentation dynamic program, attendees will learn about the SBA 504 Loan from Coty Gould with the MCDC (Michigan Certified Development Corporation), and Government Contracts from Mike Hindenach with APEX (formerly known as PTAC Procurement Technical Assistance Centers).
Why it Matters: The SBA 504 Loan presentation you will learn the basics of SBA 504 loan, the benefits and how to qualify and apply. MCDC is a non-profit certified by the US SBA to administer the SBA 504 Loan Program in Michigan. The SBA 504 loan provides small businesses with low-rate, long-term loans for building purchases, construction, and machinery and equipment. In addition, these loans require a smaller down payment than what traditional lenders can offer, allowing the business owner to preserve capital. Learn more and to register.
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