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April 13, 2023

Flawed Language Will Nullify Income Tax Cut in 2024

Flawed Language Will Nullify Income Tax Cut in 2024

With the state’s financial books for FY2022 now closed, a formal announcement came last week that the state income tax rate would drop from 4.25 percent to 4.05 percent for tax year 2023 due to a rate cut trigger added to state law in 2015. However, a new Attorney General legal opinion has determined that any rate cut would be temporary, with the rate returning to 4.25 percent for tax year 2024. Our “plain English” interpretation of what appears to be flawed statutory language also suggests the rate will very likely need to return to 4.25 percent in 2024.
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