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Money Explainers
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Major tax changes hit states nationwide on July 1st! From gas and cannabis taxes to new sales taxes on services and EV fees, find out how your state was affected. Don't get caught off guard!
#StateTaxUpdate #July1Taxes #TaxImpact

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00:00Tax tides turn. Your July 1st state-by-state tax update, July 1st, 2025, marked a significant
00:08shift in the tax landscape across numerous U.S. states. As the new fiscal year began for most
00:13individuals and businesses faced a wave of adjustments, primarily in excise and sales
00:18taxes, alongside notable income and property tax changes. This wasn't just a minor tweak,
00:24it was a broad rebalancing of state fiscal policies. Let's dive into some of the most
00:30impactful changes. Starting with Alabama, residents saw a hike in state excise taxes on gasoline and
00:36undyed diesel, increasing by one cent per gallon. More significantly, the individual income tax
00:42exemption for overtime pay expired, meaning those extra hours are now fully taxable. Kansas also
00:49established a new sales tax exemption for businesses making qualifying investments in data center
00:54projects. Conversely, Minnesota repealed its sales tax exemption for data centers, indicating diverse
01:00approaches to incentivizing tech development. In California, cannabis excise tax jumped from 15 to
01:0719 percent, and the tax on non-cigarette tobacco products surged to 54.27 percent of the wholesale
01:13price. Kansas discontinued state property tax levies for specific educational and institutional
01:19building funds. Now financing these expenses with general fund revenue, from taxing digital services
01:25to adjusting for electric vehicles, these changes reflect a dynamic approach to public finance.
01:31Stay informed, as these shifts can directly impact your wallet and business operations.
01:37In South Carolina, the top marginal individual income tax rate was temporarily reduced from 6.2 percent
01:44to 6 percent, offering some relief to taxpayers. Washington made headlines with an increased estate
01:50tax exemption, but established a progressive rate structure with a top rate of 35 percent for estates
01:56exceeding $9 million, making it the state with the highest estate tax rate nationally. Gas tax rates also saw
02:04adjustments, with state excise taxes rising. Moving east, Illinois imposed increased taxes on sports
02:11wagering licensees, and significantly raised the excise tax rate on e-cigarettes, from 15 to 45 percent of
02:18the wholesale price. The state also expanded its definition of taxable tobacco products, to include
02:24certain nicotine products, and extended the hotel operator's occupation tax to short-term rentals. In
02:30Maryland, a substantial change came with a 3 percent sales tax applied to various business-to-business
02:35services, including data and IT services. Other increases included vehicle excise tax, cannabis tax,
02:42and sports betting tax, plus a new tire fee. The state's 6 percent sales tax was also extended to
02:49vending machine sales. Looking at consumer goods, Mississippi offered some relief by reducing its state
02:55sales tax rate on groceries from 7 percent to 5 percent. However, the excise tax rate on gasoline,
03:01they're increased by 3 cents per gallon. And Virginia all saw changes to their gasoline,
03:07diesel, or alternative fuel taxes, mostly increases. This reflects an ongoing effort to fund infrastructure
03:14and adapt to changing transportation methods. In New Jersey, the sales tax exemption for zero-emission
03:21vehicles was completely eliminated, making all eligible EV purchases taxable, and registration fees
03:28for electric vehicles also rose. Several states adjusted fuel taxes due to inflation or other
03:34mechanisms. Alabama, California, Georgia, Illinois, Indiana, Kentucky, Missouri, Nebraska, Rhode Island.
03:42Regarding specific industries, Arkansas expanded its sales and use. Tax exemption for data centers
03:49by reducing the investment requirement from $500 million to $100 million. Property and income tax
03:57changes, while less frequent this July, were still notable. This July 1st, states are clearly adapting
04:04to new economic realities and technological advancements, and he explained,

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