This is not an exhaustive list, as it does not capture changes to certain credits, exemptions, definitions, administrative procedures, calculations, or provisions that are relatively minor or only affect a small share of taxpayers. We have provided an overview of these tax policy changes below. Further, a few states had notable tax policy changes take effect after January 1, 2023, but before July 1, 2023. Separately, across 11 states, at least 22 notable tax policy changes have been enacted or phased in this year and are retroactively effective as of January 1, 2023, including income tax reductions in Arkansas, Michigan, North Dakota, Utah, and West Virginia. On July 1, 2023, at least 32 notable tax policy changes will take effect across 18 states, including sales tax rate reductions in New Mexico and South Dakota, a repeal of the corporate franchise (capital stock) tax in Oklahoma, the implementation of a payroll tax in Washington, and the implementation of taxes on newly legalized sales of cannabis products in Maryland and Minnesota. However, many sales and excise tax changes take effect on July 1, which is the beginning of the fiscal year for all states except Alabama, Michigan, New York, and Texas. The majority of state individual and corporate income tax policy changes take effect on January 1, the beginning of the calendar year, to maintain consistency throughout the tax year. During this season, many states are beginning to implement policy changes that were enacted during this year’s legislative session (or that are being phased in over time). The June solstice has passed, marking the official beginning of summer and the end of most state legislative sessions.
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