Updates
Updates include calculation and rate changes to reflect current tax law resulting from inflation adjustments and legislative changes. Updates are effective January 1 unless stated otherwise. United States and Canada amounts are given in USD and CAD, respectively.
2022 – Canada
Newfoundland and Labrador
Increased the low-income tax reduction amounts.
2022 – United States
Vermont
Increased the following:
Standard deductions. The deduction increased by $150 to $6,500 for single taxpayers.
Personal exemption by $150 to $4,500.
2023 – Canada
Manitoba
Increased the personal amount by $4,150 to $15,000.
Quebec
Decreased the tax rates for the first and second brackets by 1% to 14% and 19%, respectively.
2023 – United States
Arkansas
Decreased the following:
Top bracket rate by 0.2% to 4.7%, applicable to income over $87,000.
First bracket threshold by $100 to $5,100.
Kentucky
Updated statute and supplemental local tax rates for three authorities: Boone and Kenton Counties, and Louisville.
Michigan
Made the following changes:
Decreased the statute and supplemental tax rates by 0.2% to 4.05%.
Increased the personal exemption by $400 to $5,400.
North Dakota
Removed two brackets to create a three-bracket table. The new 2.5% top bracket applies to income over $225,975 for single employees.
Vermont
Increased the tax bracket thresholds. The threshold for the 8.75% top bracket increased by $16,400 to $229,550 for single taxpayers.
West Virginia
Decreased the statute and supplemental tax rates for all brackets. The top bracket rate, applicable to income over $60,000, decreased by 1.38% to 5.12%.