On this site, I regularly highlight the good and bad of states’ tax structure (read here, here, here, here, and here for starters). I want business owners, investors and retirees to have the best information possible in order to make their decisions about where to operate, live, and retire. Now, The Tax Foundation has released an update on state tax changes set to take effect on July 1. Some of these changes could be consequential to your income, purchasing power, or business operation. Take a look and see if any of these changes will affect you.
From Morgan Scarboro and David Raymond at The Tax Foundation:
- Ten states have tax changes scheduled to go into effect on July 1, 2018.
- Indiana has the lone corporate income tax change, with the rate decreasing 0.25 percent to 5.75 percent.
- Kentucky is broadening its sales tax base by including select services.
- Louisiana extended its previous temporary 1 percent sales tax hike at a lower rate of .45 percent. The state sales tax rate will be 4.45 percent.
- Massachusetts will begin sales of recreational marijuana and levy a state excise tax rate of 10.75 percent. Localities will have the option of levying additional local taxes.
- Oklahoma and Kentucky are increasing their cigarette taxes: Oklahoma from $1.03 to $2.03 per pack, Kentucky from $0.60 to $1.10.
- Four states have online sales tax legislation, but may need more time to tweak legislation and issue guidance.
- Three states, Oklahoma, South Carolina and Tennessee, are increasing their gas tax rates.
Read more from The Tax Foundation here.
E.J. Smith - Your Survival Guy
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