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.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. Further, a few states had notable tax policy changes take effect after January 1, 2023, but before July 1, 2023.
Source: taxfoundation.org
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