With most state legislative sessions drawing to a close, jurisdictions are generally following the trend that began last year of avoiding tax increases, and in some cases, cutting taxes as revenues begin to climb back to pre-recession levels.
Kansas (H.B. 2117) recently reduced its top personal income tax rate to 4.9 percent from 6.45 percent, raised the standard deduction, and exempted certain nonwage income attributable to a pass-through entity.
Maine enacted legislation (L.D. 849) aimed at gradually cutting its top tax rate from 8.5 percent to 4 percent. But the rate reduction is contingent upon surplus revenues in the coming years.
Other states enacted smaller tax cuts. Idaho (H.B. 563) cut its highest personal income tax rate to 7.4 percent from 7.8 percent. Nebraska L.B.970 cut the tax rates applicable to all but its highest bracket. Arizona (H.B. 2815) reduced the tax rate applied to capital gain income.
One exception to this tax rate cutting trend in 2012 was Maryland (S.B. 1302), which raised the income tax rates applicable to single filers earning over $100,000 per year and couples earning over $150,000.
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