American Legislative Exchange Council Releases 2013 State Tax Cut Roundup
Today, the American Legislative Exchange Council released a report on state tax action in 2013, where they identify 18 states that enacted tax cuts this year. They find that 45 percent of tax cuts occurred in the individual and corporate income tax categories, which are generally found by economists to be the most destructive to economic growth.
Here’s the breakdown of tax changes:
The report includes detailed explanations of the major, headline-grabbing beneficial reforms in states like North Carolina, Indiana, and Texas, but also includes some stories you might have missed this year. As an example, Florida passed a bill to exempt manufacturing equipment from their sales tax, which is good policy because it reduces sales tax pyramiding. Idaho also raised the exemption of their business personal property tax, which is an often overlooked class of tax that problematically disincentivizes investment in new innovative technologies and machinery.
See if your state made the list.
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