State legislatures wrestle with taxing tips and overtime, and how to balance revenue with relief.
After assessing the fiscal impact of OBBBA, state officials face a critical policy decision: Should the state follow the federal tax cuts, or not? This blog examines the legislative response—how state legislatures decide whether to conform to the most well known of OBBBA’s provisions for “No Tax on Tips” and “No Tax on Overtime”, and what those choices mean for taxpayers and practitioners.
To dig deeper, visit the original article on the Thomson Reuters blog.