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As we welcome the New Year, many new state laws will become effective on Monday, January 1st. These include tax cuts, which were approved in the 2023 budget agreement, (1) to adjust the tax schedule impacting retirees living on fixed incomes, (2) create eligibility for an Earned Income Tax Credit, and (3) decrease certain income tax rates.
The changes enacted for 2024 will decrease the two lowest income tax rates:
- The 3% rate on the first $10,000 earned by single filers and the first $20,000 by joint filers will drop to 2%.
- The 5% rate on the next $40,000 earned by single filers and the next $80,000 by joint filers will drop to 4.5%.
I encourage you to review all the newly effective laws, as they may impact you, your family, or business. To review all the laws taking effect on January 1st, click here.
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