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What are the duties of the Michigan Department of Treasury?

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Quick Answer

The Michigan Department of the Treasury collects taxes, shares revenue to local governments and administers state bonds and investments, among other duties. It also administers unclaimed property and educational loan programs and analyzes revenue, economic and budget data.

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Full Answer

The Michigan Department of the Treasury also enforces tax laws and protects the credit of Michigan. It is headed by the State Treasurer of Michigan who acts as the chief financial officer of the state. His office manages all tax revenues, state investments and utilization of the state's financial resources. As of August 2015, it is headed by Nick Khouri, who was appointed by Governor Rick Snyder on April 2015.

Michigan imposes a flat tax rate based on the federal adjusted gross income with some modifications. As of January 2013, its personal income tax rate is 4.25 percent, and residents file their income tax returns by April 15 of each year, states Bankrate.com. The state imposes a sales tax and corresponding use tax of 6 percent, but there are no city or local sales taxes. Property taxes are assessed and paid only at the local level. Michigan does not levy an inheritance tax since the abolition of the federal statute on estate tax collection.

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