Were you aware of these big changes to the state laws?
Maybe you are aware of all the changes that have been made recently in federal taxes, as they are often the ones that get more attention since they are deemed to be more important. Yet, as you all know (and if you do not, it’s probably high time you brush up on your tax knowledge), there are many changes that will be implemented at the state tax law level.
Since the start of 2022, a lot of states have decided to undergo significant tax reforms and have since thought of and announced some changes that will impact all their residents. From creating new state-imposed taxes on income generated by capital gains to cutting some of the state income taxes, there are many changes that have been proposed and some that have already gone into effect.
Despite this, not everyone is aware of these changes, and if you are planning to move to another state, then you will definitely want to know about these law modifications. After all, your whole tax strategy may be altered, and what you should expect can be changed completely just based on the new law that has been brought about.
This is why we have gathered all the major changes that have been made to the tax laws in different states to bring to you the most digestible version. So you, too, can know what to plan ahead for!
Let us know if you knew about these law alterations or if this is the first time you heard of them!