It's the Fourth of July weekend. The 2021 celebration is getting added attention, since last year most of America's birthday parties were canceled due to the COVID-19 pandemic.
But July 1 is another date of note. The year's midpoint is the first day of the fiscal year for most states and, according to The Tax Foundation, 13 have notable tax changes that took effect last week.
There are individual income tax changes in Idaho and Illinois, corporate adjustments in Indiana and Montana, inheritance tax alterations in Iowa, and revisions of sales, use and gross receipts taxes in Florida, Kansas, New Jersey and New Mexico.
If you live in or, like lots of my fellow Texans, visit Louisiana to enjoy its gambling offerings, you'll want to note that the Pelican State now is collecting taxes on sports wagering. The new tax applies to net gaming proceeds at a rate of 10 percent for brick-and-mortar betting parlors (doesn't that sound fancier than casinos?) and at 15 percent for online sports wagers.
And don't forget about state fuel tax changes this month that will affect millions of travelers' summer vacation plans.
Since it's Saturday and you're probably more interested in finalizing your July 4th plans, I'll let you peruse the state tax law changes at your leisure. The Tax Foundation has details in its handy state tax changes 2021 guide.
You can get more on the 7/1/21 state tax changes at the Washington, D.C.-based tax policy nonprofit's website. Or you can download it as a PDF.
Both versions earn this weekend's Saturday Shout Out.
You also might find these items of interest:
- Get details on your state's tax laws from its tax department
- Memorial Day travel rebounds, despite rising gas (and gas tax) hikes
- New Jersey residents projected to pay the most state taxes over their lifetimes
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