States are kicking off 2023 with a bevy of tax changes for their residents and businesses. Here’s where state taxes are being cut and where taxes are going up.
States are kicking off 2023 with a bevy of tax changes for their residents and businesses. Some 38 states had noteworthy alterations – mostly net tax reductions – take effect on January 1, according to the right-leaning Tax Foundation. They have lowered individual and corporate income tax rates, exempted more products from sales taxes and reduced the amount of retirement or military pension income subject to taxation.
In Pennsylvania, the rate inched down to 8.99%, from 9.99%, one of the highest in the country. It is scheduled to phase down to 4.99% in 2031. Meanwhile, Oklahoma became the first state to make permanent a measure allowing companies to deduct the full cost of certain business investments in machinery and equipment in the first year. The federal bonus depreciation allowance is scheduled to start phasing down this year due to a provision in the 2017 Republican tax cut package.
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