State Tax Changes Taking Effective January 1, 2023
Thirty-eight states have noteworthy tax law changes taking effect on January 1, 2023. The good news is that most of the changes are lowering income tax bills for taxpayers. However, the end of temporary gas tax holidays and introduction of new excise and sales taxes will offset the income tax savings for residents in many states.
Individual Income Tax Changes
Eleven states are scheduled to lower individual income taxes
Corporate Income Tax Changes
Four states are scheduled to lower corporate income taxes
Gas Tax Changes
Seven states are scheduled to increase gas taxes
Use the Tax Foundation's interactive state-by-state analysis to explore the tax changes in your state.
Copyright 2022 Mark Sullivan Consulting, PLLC.
Disclaimer: This article is for information purposes only and cannot be cited as precedent or relied upon in a tax dispute before the IRS.