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1 Timothy Vermeer & Savanna Funkhouser, State Tax Changes Effective January 1, 2022 1 (2022)

handle is hein.taxfoundation/sttxchsef0001 and id is 1 raw text is: State Tax Changes Effective F ATN January 1, 2022 FISCAL Timothy Vermeer Senior Policy Analyst FACT Savanna Funkhouser Research Associate No. 785 Jan. 2022 Key Findings Twenty-one states and the District of Columbia had significant tax changes take effect on January 1, 2022 Five states (Arizona, Arkansas, Louisiana, North Carolina, and Oklahoma) cut individual income taxes effective January 1. The District of Columbia was the only jurisdiction to increase income taxes. Four states (Arkansas, Louisiana, Nebraska, and Oklahoma) saw corporate income tax rates decrease. Florida is the only state to increase corporate income tax rates, as a temporary reduction expired. Five states (Arizona, Colorado, Georgia, Illinois, and Oregon) implemented a pass-through entity election to serve as a workaround to the federal state and local tax (SALT) deduction cap. Iowa is phasing out its inheritance tax, while Maryland and Washington face litigation over new taxes on digital advertising and capital gains income respectively. 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. ©2022 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

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