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New Mexico tax reform 2023 New Mexico omnibus tax bill business tax reform HB 547 New Mexico gross receipts tax

New Mexico’s Omnibus Tax Bill

Adopting the sound tax reforms still pending in Santa Fe is an opportunity for New Mexico to keep up with the pack or risk falling further behind.

state tax inflation response like state tax rebates and tax holidays to combat inflation Federal tax collections inflation surging 2022

State Tax Policy as an Inflation Response

At the end of 2022, prices were 14.6 percent higher than they were two years prior. That’s the fastest inflation rate over any two calendar years since the stagflation era of the late 1970s. State policymakers are understandably interested in bringing any tools at their disposal to bear on the problem. And many of them are reaching for tax policy solutions.

Idaho flat income tax reform Idaho flat tax Idaho income tax reform Idaho to Consider Flat Tax in Special Session

Idaho to Consider Flat Income Tax in Special Session

As Idaho attempts to further solidify its position as a growth-oriented, taxpayer-friendly state this special session, other states should look to its example and pursue similar reforms.

section 179 expensing state tax conformity section 168 Oklahoma State Capital Building

Oklahoma Should Prioritize Pro-Growth Relief, Not Gimmicky Rebate Checks

If Sooner State policymakers want to use a portion of their higher revenues to make the economy work better for all Oklahomans, they should consider repealing the franchise tax, trimming the income tax, or both—paired, if desired, with targeted aid to those in the greatest need—not writing a single round of gimmicky checks.

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State Legislatures Take Up Tax Reform and Relief in 2022

After a whirlwind of cuts and reforms in 2021, it looks like 2022 might be an even bigger year for state tax codes. Republican and Democratic governors alike used their annual State of the State addresses to call for tax reform, and there is already serious momentum from state lawmakers nationwide to get the job done.

Are Tax Rebates a Good Way for Relief from Rising Prices? Learn more about gas tax rebates and sound tax relief inflation policy

Are Tax Rebates a Good Way to Provide Relief from Rising Prices?

States are flush with cash, but taxpayers’ purchasing power is being eroded by high inflation. Tax rebates, gas tax holidays, and other temporary tax expedients have the potential to add to existing inflation—but good intentions do not always make for good policy.