Given the current economic situation in the United States, the administrations of 21 states and the District of Columbia have decided to implement tax changes related to taxpayers to the financial challenges in each of the regions.
Here we present you some of the main findings of the changes made that began to take effect as of January 1, 2022.
The most notable changes
The best news is that as far as individual income tax is concerned, only the District of Columbia increased such tax, on the other hand if you are a resident of Arizona, Arkansas, Louisiana, North Carolina and Oklahoma you will now have to pay less rate in this case.
Another important issue is the corporate tax rates, if you live in Florida they will go back to the pre-pandemic numbers, but if you are a resident of Arkansas, Louisiana, Nebraska and Oklahoma those corporate tax rates will be reduced.
There will already be a solution to the issue of limits on deductions for federal, state and local taxes through a pass-through entity election, this one for taxpayers in Arizona, Colorado, Georgia, Illinois and Oregon.
Finally, two important news, Maryland and Washington will have to take litigation over the announcement of new taxes on digital advertising and capital gains issues and the big news of the elimination of Iowa’s estate tax.
Which States have changes?
The surpluses obtained by certain states generate beneficial changes for their taxpayers and the changes are diverse and of all kinds, but below we present you the 21 states that join the District of Columbia where as of January 1, 2022 there will be tax changes:
– New Hampshire
– North Carolina
– Washington, D.C.
– West Virginia