- Governor Whitmer Announces Initiative to Grow Michigan Population
Governor Whitmer made news at this week’s Mackinac Policy Conference by announcing a new initiative to grow Michigan’s population, which has remained relatively stagnant for the last few decades. The initiative will include the formation of a new “Growing Michigan Together Council,” which will develop a plan to attract new residents to the state and keep those currently in Michigan.
Why it Matters: A lack of population growth has inhibited Michigan’s economic growth, and hindered businesses’ efforts to find talented people to fill open jobs.
- Assets of Marijuana Business Skymint to be Auctioned
As we reported earlier, Skymint Brands was placed into receivership on March 7. Now, almost three months later, the receiver has determined that the best course of action for the receivership estate and the creditors is to sell off the assets of the business.
Why it Matters: While Michigan has experienced strong sales of recreational marijuana, prices per ounce have fallen significantly, making it difficult for many dispensaries to generate profits. The fact that Skymint’s assets were put into receivership is also noteworthy, as state court receivership has become an alternative to bankruptcy for distressed cannabis companies. Because cannabis is still illegal at the federal level, companies can’t access federal bankruptcy to reorganize or liquidate.
- Fiscal Responsibility Act of 2023 Passes
Earlier this week, the federal government passed the Fiscal Responsibility Act of 2023, which raised the debt ceiling and allowed the government to continue borrowing.
Why it Matters: With the passing of this act, the federal government avoids any possibility of default or shutdown, which can have sweeping effects at every level of government. This also allows the government to continue investing in infrastructure and economic development.
- June 5 Business Education Series
During this two-presentation dynamic program, attendees will learn about the SBA 504 Loan from the MCDC (Michigan Certified Development Corporation), and Government Contracts from 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, 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.
- Client Alert: IRS Announces 2024 Adjustments for HSAs & Excepted Benefit HRAs
The IRS has released its 2024 annual inflation adjustments for Health Savings Accounts (“HSAs”) as determined under Section 223 of the Internal Revenue Code. Specifically, IRS Revenue Procedure 2023-23 provides the adjusted limits for contributions to a HSA, as well as the high deductible health plan (“HDHP”) minimums and maximums for calendar year 2024.
Why it Matters: 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. Read more from your Fraser Trebilcock attorney.
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