Missouri, the only other state without such rules going into the current legislative year, adopted similar legislation in May, but will not implement its remote seller nexus and marketplace facilitator rules until 2023.
Senate Bill 50, adopted in April 2021, requires such sellers to collect and remit Florida’s sales taxes if annual sales into Florida exceed $100,000. 2021 Sales and Use Tax and Gross Receipts Tax Changes FloridaĮffective July 1, Florida will be among the states requiring remote sellers and marketplace facilitators to collect and remit the state’s sales taxes. Rate reductions, taking the top corporate and individual income tax rates from 6.925 percent to 6.5 percent, were made retroactive to the beginning of 2021. Specifically, the new law creates an Idaho tax rebate fund and directs the state to distribute a one-time refund to taxpayers in an amount equal to 9 percent of the taxpayer’s 2019 individual income taxes paid or $50 per taxpayer and dependent, whichever is greater. House Bill 380, signed into law in May 2021, contains provisions that take effect July 1. The state also adopted income tax rate reductions and other reforms, though these changes do not go into effect until January 1, 2022. Senate Bill 376, signed into law on May 11, 2021, replaces the state’s equally weighted three-factor apportionment formula with a double-weighted sales factor apportionment formula, effective July 1, 2021. Montana is among a growing number of states to adopt a corporate income tax apportionment formula that weights sales more heavily than payroll and property. Indiana has been incrementally reducing its corporate income tax rate since July 2012, and the final planned phase of that reduction will take effect this July, when the rate will drop from 5.25 to 4.9 percent. 2021 Corporate Income Tax Changes Indiana Thirteen states have notable tax changes taking effect on July 1, 2021, which is the first day of fiscal year (FY) 2022 for every state except Alabama, Michigan, New York, and Texas. Individual and corporate income tax changes usually take effect at the beginning of the calendar year for the sake of maintaining policy consistency throughout the tax year, but sales and excise tax changes often correspond with the beginning of a fiscal year. Two states, Idaho and Iowa, adopted significant tax rate changes in 2021 with effective dates that are retroactive to January 1, 2021.Īlthough the majority of state tax changes take effect at the start of the calendar year, some are implemented at the beginning of the fiscal year. Vermont will require marketplace facilitators to collect and remit the universal service charge on sales of prepaid wireless telecommunications services. Louisiana’s taxes on sports betting will take effect. South Carolina and Virginia’s motor fuel taxes will increase. Virginia will authorize all counties to levy cigarette taxes. Utah will collect taxes on additional nicotine products. Several changes to New Mexico’s sales tax, known as its “gross receipts tax,” will take effect. New Jersey will continue removing medical marijuana from its sales tax base. Two states, Florida and Kansas, have sales tax economic nexus statutes taking effect. Illinois will begin shifting revenue from its sales tax on motor fuel to the road fund. (That same law reduces the state’s individual and corporate income tax rates, retroactive to January 1, 2021.) Idaho will offer a one-time individual income tax rebate. Montana will begin using a corporate income tax apportionment formula with a double-weighted sales factor. Indiana has the lone corporate income tax rate change, with the rate decreasing from 5.25 to 4.9 percent. Thirteen states have notable tax changes taking effect July 1, 2021. Notable Tax Rate Changes Retroactive to January 1, 2021.Sales and Use Tax and Gross Receipts Tax Changes.
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