About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 Jared Walczak, Tax Changes Taking Effect January 1, 2019 1 (2018)

handle is hein.taxfoundation/txctke0001 and id is 1 raw text is: Tax Changes Taking Effect January 1, 2019 FISCAL FACT No. 629 Dec. 2018 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. @2018 Tax Foundation Distributed under Creative Commons CC-BY NC 4.0 Jared Walczak Senior Policy Analyst Champagne will flow, Auld Lang Syne will be sung, resolutions will be made (and soon forgot, and never brought to mind), and, in a handful of states, taxes will change. There is less January 1st activity than we usually see, but this does not mean 2018 was a quiet year. Rather, state consideration of tax conformity after the enactment of the Tax Cuts and Jobs Act (TCJA) of 2017 moved many changes forward, with rate reductions and other adjustments adopted midyear made retroactive to the start of the year. For instance, Idaho, Utah, and Vermont all trimmed income tax rates this year-but made them effective January 1 of 2018, not 2019.1 This was also a significant year for ballot measures, but some of the changes approved by the voters will take time to go into effect. Voters approved the legalization and taxation of marijuana in both Michigan and Missouri, but marijuana won't go on sale in these states on January 1st.2 Lawmakers and regulators still have work ahead of them before the new regimes go into effect. Finally, many legislatures postponed at least some elements of their conformity considerations to 2019. In some cases, they didn't update their conformity statutes at all. In others, states punted on what to do with the new revenue and will have to decide in 2019 whether to return it in the form of tax reform or other tax relief, or whether to add it to the budget baseline. So while this January 1st will be a little quieter than usual on the tax front, there is no reason to expect anything less than a frenetic pace in the new year. Here are the significant tax changes taking effect on January 1, 2019. Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org 1 Vermont Acts & Resolves, Act 11, 2018 Special Sess.; Utah Code Annotated § 59-10-104; Jared Walczak, Two States Cut Taxes Due to Federal Tax Reform,' Tax Foundation, March 19, 2018, https://taxfoundation.org/ two-states-cut-taxes-due-federal-tax-reform. 2 Joseph Bishop-Henchman, Jared Walczak, and Katherine Loughead, Results of 2018 State and Local Tax Ballot Initiatives,' Tax Foundation, Nov. 6, 2018, https://taxfoundation.org/2018-state-tax-ballot-results/.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most