![]() ![]() ![]() You can learn more about the tax changes here. Prewritten computer software access services.How does Kentucky’s tax code compare Kentucky has a flat 4.50 percent individual income tax rate. In 2022, Arkansas’s top marginal individual income tax rate was reduced from 5.5 to 4. ![]() 1045 were enacted on April 10, reducing individual and corporate income tax rates and phasing out the throwback rule. Building upon a series of reforms adopted in recent years, S.B. Labor to repair or alter apparel, footwear, watches or jewelry Kentucky Tax Rates, Collections, and Burdens. Pro-Growth State Tax Reforms Enacted in 2023 Arkansas.Labor and services for commercial refrigeration.Leisure, recreational and athletic instructional services.Repossession of tangible personal property.Residential/nonresidential security system monitoring.The bill lowers income taxes from 5 to 4.5%, but expands sales taxes to a variety of services, from personal fitness training to rideshares to cosmetic surgery and more.īusinesses that provide the new services are required to collect the 6% sales tax from their customers beginning January 1, unless otherwise noted.īelow is a complete list of newly taxed services: After adjusting for inflation, the standard deduction for 2022 is 2,770, an increase of 80. (September 14, 2021) Each year, the Kentucky Department of Revenue calculates the individual standard deduction in accordance with KRS 141.081. The changes come after House Bill 8 passed in 2022. The 2023 tax yearmeaning the return you’ll file in 2024will have the same seven federal income tax brackets as the last few seasons: 10, 12, 22, 24, 32, 35 and 37. DOR Announces Annual Adjustment of Standard Deduction for 2022 Tax Year. Our mission is to administer the States tax laws uniformly, equitably, and efficiently to maximize State revenues to support public services and. (LEX 18) - With the new year underway, a slew of changes to Kentucky's tax system are also in the works.Įffective today, over 30 new service categories are now subject to a 6% sales tax. ![]()
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