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1 Katherine Loughead & Jeremiah Nguyen, State Tax Changes Taking Effect July 1, 2021 1 (2021)

handle is hein.taxfoundation/sttxcgstg0001 and id is 1 raw text is: FISCAL FACT No. 771 June 2021 The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and global levels. We are a 501(c)(3) nonprofit organization. ©2021 Tax Foundation Distributed under Creative Commons CC-BY-NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org State Tax Changes Taking Effect July 1, 2021 Katherine Loughead Senior Policy Analyst Jeremiah Nguyen Research Assistant Key Findings Thirteen states have notable tax changes taking effect July 1, 2021. Indiana has the lone corporate income tax rate change, with the rate decreasing from 5.25 to 4.9 percent. Montana will begin using a corporate income tax apportionment formula with a double-weighted sales factor. Idaho will offer a one-time individual income tax rebate. (That same law reduces the state's individual and corporate income tax rates, retroactive to January 1, 2021.) Illinois will begin shifting revenue from its sales tax on motor fuel to the road fund. Two states, Florida and Kansas, have sales tax economic nexus statutes taking effect. New Jersey will continue removing medical marijuana from its sales tax base. Several changes to New Mexico's sales tax, known as its gross receipts tax, will take effect. Utah will collect taxes on additional nicotine products. Virginia will authorize all counties to levy cigarette taxes. South Carolina and Virginia's motor fuel taxes will increase. Louisiana's taxes on sports betting will take effect. Vermont will require marketplace facilitators to collect and remit the universal service charge on sales of prepaid wireless telecommunications services. Two states, Idaho and Iowa, adopted significant tax rate changes in 2021 with effective dates that are retroactive to January 1, 2021.

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