Millions of Earners, Businesses to See State Tax Cuts Beginning on Jan. 1
With state legislatures entering their third sessions since the 2020 pandemic pumped trillions in federal recovery and stimulus assistance into state and local government coffers, tax reform across a range of levies is among front-burner priorities for lawmakers in 2023.
During 2022 sessions, Washington, D.C.-based Tax Foundation reports at least 38 states adopted “noteworthy tax changes” with most going into effect on Jan. 1, including trims in personal income tax rates in 11 states and flat income tax structures being implemented in three states, Arizona, Idaho, and Mississippi on New Year’s Day.
Here is a round-up of “noteworthy tax changes” that go into effect Jan. 1 provided by analysts at the Tax Foundation, Council On State Taxation, and Institute on Taxation and Economic Policy:…