After several years of near-uniform state budget surpluses, primary tax revenue drivers experienced rapid declines in 2023. Most states have held steady, while some have continued tax cuts. These actions may provide hints to the next wave of targeted state and local tax expansion. It has been a moderately active year in legislative and regulatory developments compared to the two previous, and taxpayers must be ready to address numerous emerging and traditionally hot-button tax issues.
Join our recap of 2023 and a discussion on planning as the taxpayer-friendly environment may be turning. Tax rate increases, base expansion and new taxes have been a nonstarter almost nationwide since the beginning of the pandemic. Is the economic setup a preview of the return to the race to find revenue?
Among other topics, our discussion focused on:
- SALT legislative and regulatory development recap for 2023
- Look ahead to 2024: How state policy landscape could be at a turning point
- How to prepare now for what could be the biggest fiscal shift in several years
