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1 Katherine Loughead, State Tax Changes as of January 1, 2020 1 (2019)

handle is hein.taxfoundation/sttxchjn0001 and id is 1 raw text is: FISCAL FACT No. 683 Dec. 2019 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 local levels. We are a 501(c)(3) nonprofit organization. @2019 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 as of January 1, 2020 Katherine Loughead PolicyAnalyst Errata: An earlier version of this paper, in the Key Findings, mistakenly listed New Jersey among the states seeing a corporate income tax rate increase rather than a reduction. It has been corrected. Addendum: This paper has been updated to mention new and increased vehicle registration fees and sales taxes on vehicle trade-ins in Illinois, as well as the phaseout of income taxes on Social Security benefits for qualifying taxpayers in West Virginia. Key Findings - Thirty-five states have major tax changes taking effect on January 1, 2020. - Arkansas, Tennessee, and Massachusetts will each see reductions in their individual income tax rates. - Five states (Iowa, Kansas, Maine, North Carolina, and Ohio) will see notable changes to their individual income tax bases. - Corporate income, capital stock, franchise, or similar taxes on businesses or financial institutions will decrease or be eliminated in seven states (Connecticut, Florida, Illinois, Indiana, Missouri, Mississippi, and New Jersey), but taxes will increase on certain financial institutions in Washington. - Oregon will implement a new Corporate Activity Tax (CAT), which is a modified gross receipts tax (GRT). - Florida is the lone state with a general sales tax rate change (a reduction). - Five states will see changes to their estate taxes. Connecticut, Minnesota, Vermont, and New York will see increases in their estate tax exemptions (taxpayer-friendly provisions), while Hawaii's estate tax will become more burdensome. - Two states (Illinois and Louisiana) will implement new excise taxes on cannabis products.

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