The State Tax Structure Work Group met in March and narrowed the scope of potential tax options for proposed tax structure changes that it may recommend by the end of 2022.

The next meeting on May 25 will focus on evaluating tax concepts with the goal of developing tax policy proposals. While the focus is on the state tax structure, any changes will likely have direct or indirect impacts on local government taxes.

Following is the list of tax concepts the work group will be reviewing, with brief overviews by the Department of Revenue:

• Margins tax (as a replacement of or modification to the Business & Occupation tax)
• Working Families Tax Credit
• Primary residence property tax exemption (and if so, a renters’ credit)
• Wealth tax
• Property tax limit factor

See the Tax Structure Work Group website for more information.

Date to remember

The State Tax Structure Work Group is scheduled to meet on Wednesday, May 25 at 1 pm.