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New Fiscal Year Brings Tax Code Changes in Several States

July 1, 2022, 5:30 PM

This week in state tax news: New fiscal years always bring new state tax laws. Fiscal Year 2023 is ushering in significant changes in California, Colorado, Illinois, Indiana, New Jersey, and a dozen other states. Meanwhile, California voters will weigh in on a wealth tax proposal and there are early signs state revenue collections could be affected by spiking rates of inflation.

Today marks the beginning of the 2023 fiscal year in 46 states, and significant tax system changes will take effect in many of those jurisdictions.

This week legislatures in two states, California and New Jersey, raced ...