Various states have made changes to their individual income tax regimes relevant for the 2017 tax year that are likely to impact mobile employees and their employers. This Insight provides a sampling of these changes for states including Illinois, Kansas, Maine, North Carolina, and Indiana.
Broadly speaking, these developments indicate some opposing trends - some states are lowering rates and overall tax burdens on their individual residents, however, others are increasing their tax rates, broadening phase-outs for itemized deductions, and limiting credits to address budgetary issues. Mobility programs should consider the impact on tax equalization calculations, policies, and costs, as well as withholding responsibilities.
Tel: + 2289 1872