Posted on January 2, 2024
Several new laws took effect on January 1st that could have an impact on you, your business, or our community. I have highlighted some of them below.
An expanded list of those enacted on January 1st, along with summaries, can be accessed here.
Tax Cuts
The state budget, adopted in June, cuts the bottom two marginal income tax rates for all filers from 3% to 2% and from 5% to 4.5%. Income taxes on the first $50,000 in taxable income will be lowered for single filers and married people filing separately,…