Updates
Updates include calculation and rate changes to reflect current tax law resulting from inflation adjustments, legislative changes, and review of supported authorities. Effective dates indicate when the changes enter into force. Updates are effective January 1 unless stated otherwise.
Amounts are given in CAD or USD. Amounts are annual unless stated otherwise. Changes apply to income tax unless stated otherwise.
United States – 2025
California
Increased the following for all filing status based on CPI changes:
Bracket thresholds. The threshold for the 12.3% top bracket increased by $21,639 to $742,952 for single employees. An additional 1% tax is imposed on income over $1 million.
Standard deductions and exemption credits.
Phaseout threshold for itemized deductions and exemption credits.
Maine
Made the following changes to the dependent credit:
Increased the phaseout amount by $12.50 to $20.
Decreased the phaseout step by $500 to $500.
Decreased the phaseout thresholds for all filing status. The threshold decreased by $100,00 to $100,000 for single employees.
Maryland
Made the following changes for all filing status:
Added two new tax brackets. The new 6.5% top bracket is applicable to income over $1 million for single employees.
Increased the minimum and maximum standard deduction amounts. The maximum amount increased by $1,100 to $3,350 for single employees.
Increased the supplemental rate by 0.75% to 6.5%.
Ohio
Decreased the top bracket rate by 0.375% to 3.125%.
Pennsylvania
Decreased the following Philadelphia tax rates, effective July 1, 2025:
Resident statute and supplemental rates by 0.005% to 3.745% and 0.01% to 3.74%, respectively.
Nonresident statute and supplemental rates by 0.005% to 3.435% and 0.01% to 3.43%, respectively.
Virginia
Increased the standard deduction for all filing status. The deduction increased by $250 to $8,750 for single employees.
Wisconsin
Increased the 4.4% middle bracket threshold for all filing status. The threshold increased by $21,110 to $50,480 for single employees.
United States – 2026
Ohio
Removed the top bracket. The new top rate of 2.75% applies to income exceeding $26,050.
Oklahoma
Updated the following:
Tax table from a six-tiered table to a four-tiered table for all filing status. The top bracket rate decreased by 0.25% to 4.5% on income exceeding $7,200 for single employees.
Decreased the supplemental rate by 0.25% to 4.5%.
*Please reach out to your Equus contact for a list of specific authorities.