After weeks of deliberations, Arizona Gov. Doug Ducey signed into law a budget for fiscal year (FY) 2022 that reduces the state’s individual income tax rates and consolidates brackets, a plan that will help restore Arizona’s reputation as a low-tax alternative to California.
7 min read
Michigan lawmakers are considering lowering the corporate income tax rate to alleviate the tax burden on businesses still emerging from the pandemic and to make the state more competitive.
2 min read
While high top tax rates may provide “sticker shock” for corporations looking for a state to call home, they are just one of several important drivers of businesses’ tax burdens and tax compliance costs.
5 min read
Three upcoming tax law changes scheduled by the 2017 Tax Cuts and Jobs Act (TCJA) to help offset its revenue losses would be canceled by proposed legislation that would prevent the tax treatment of investment from worsening over the coming years.
4 min read
To reduce tax compliance and administrative costs, most countries have VAT exemption thresholds: If a business is below a certain annual revenue threshold, it is not required to participate in the VAT system.
2 min read
2021 state beer excise tax rates vary widely: as low as $0.02 per gallon in Wyoming and as high as $1.29 per gallon in Tennessee. Missouri and Wisconsin tie for second lowest at $0.06 per gallon, and Alaska is second highest with its $1.07 per gallon tax.
3 min read
A rosy revenue outlook has allowed Ohio to join eight other states in providing tax relief this legislative session. The Ohio legislature agreed on a two-year budget, which includes individual income tax cuts.
4 min read
The redistribution of income from the Biden administration’s tax proposals would involve many winners and losers, not only across different types of taxpayers but also geographically across the country. Launch our new interactive map to see average tax changes by state and congressional district over the budget window from 2022 to 2031.
8 min read