Two Things

They always say that only two things in life are certain: death and taxes. And while I hope you’re still among the living as you read this, inevitably, tax season is here. As I continue to downsize my closet with all my pre-Covid clothing, exploring “creative” ways to obtain a tax credit for my efforts, I discovered a new tax law that actually gives generous residents of the State of Michigan a different kind of tax break – a $10,000 break.

While most of our lives are taxed in one way or another, House Bill 4361 (signed into law) allows individuals to receive a tax break for saving a life. Live organ donations (such as kidneys) have been on the decline. One of the reasons is that there are several out-of-pocket expenses associated with the procedures that insurances won’t cover, such as any lost wages, travel, lodging, and childcare. These are just some of the financial inhibitors that can prevent this goodwill of saving a life.

In order to stimulate live organ donations, beginning for the 2025 tax year, Michigan allows for a one-time tax credit of up to $10,000 to offset those associated costs. So if you need a tax write-off, and you’ve been considering becoming a live donor, this may be an additional incentive towards saving a life.