Commentary: Tax Relief Is Coming to Millions of Red-State Residents in Ohio, Connecticut, and More

July marked the beginning of Fiscal Year 2024 for 46 of the 50 states. It also closes the books on most state legislative sessions in what was an incredible 2023 for hard-working taxpayers.

In recent years, we’ve seen significant income tax relief in the states. Notably, 10 states – Kentucky, West Virginia, Montana, Utah, Arkansas, North Dakota, Indiana, Nebraska, Connecticut, and Ohio – have cut personal income taxes (PIT) in 2023. With the new addition of West Virginia, North Dakota, and Connecticut, 22 states have cut personal income taxes since 2021, with several of these states cutting taxes multiple times during that period.

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Michigan Projects $9.2B Surplus, Which Could Trigger a Tax Cut

Despite a possible mild recession, Michigan’s fiscal experts project a $9.2 billion taxpayer surplus that could trigger a tax cut.

Nonpartisan fiscal agencies project Michigan will gather $32.4 billion in revenue for the 2022-23 fiscal year.

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