Rising inflation levels have hit consumers hard, and state lawmakers have spent time trying to provide relief, including indexing income tax brackets, issuing taxpayer rebates, and adopting new sales tax exemptions.
Georgia, Idaho, Indiana (with an expansion of a refund passed last December) and New Mexico all have passed taxpayer rebates this year – with New Mexico enacting its second round of rebates after the legislation passed in a special session.
What’s more, as of this writing, governors and legislators in several other states were considering the issue.
In a similar vein, fuel tax exemptions have been a popular topic of late – with Connecticut, Florida, Georgia and Maryland approving gas tax holidays, as of this writing – and several other states expected to follow suit.
No doubt, taxpayer rebates and tax holidays are easily shaping up as one of the key state tax storylines in 2022.
