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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
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Editor, Rachel Shuster
Designer, Dan Carvajal
Tax Foundation
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