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- Title
Key State and Local Tax Developments of 2023.
- Authors
Yesnowitz, Jamie C.; Jones, Chuck; Skeehan, Patrick
- Abstract
During 2023, there were many noteworthy state and local tax (SALT) developments encompassing a wide variety of topics. While New Jersey and Minnesota both enacted significant tax legislation during the year, elective pass-through entity taxes continued to receive considerable attention in multiple states. Some states maintained a strong fiscal position and reduced income tax rates, but other states projected revenue shortfalls and extended higher tax rates. State courts considered major apportionment litigation concerning the sourcing of gains and service revenue. In addition, some states further expanded the scope of their indirect tax bases. These developments as well as several others merit further discussion and careful consideration.
- Subjects
NEW Jersey; MINNESOTA; STATE taxation; LOCAL taxation; TAX base; INDIRECT taxation; TAX rates; BUDGET deficits; TAX laws
- Publication
Journal of Taxation of Investments, 2024, Vol 41, Issue 2, p13
- ISSN
0747-9115
- Publication type
Article