2024 State Ballot Tax Issues--What Were the Results?

Many tax-related ballot issues were raised across all 50 U.S. states and the District of Columbia for the 2024 election year. The issues spanned measures related to income tax, sales and use tax, property tax, and miscellaneous taxes, put out there for voter approval. This state law survey gathers the results. For example, Colorado proposed, and voters approved, an Excise Tax on Firearms Dealers, Manufacturers, and Ammunition Vendors, creating a new 6.5% excise tax on the sale of firearms, firearm parts, and ammunition, to fund support services for crime victims, mental health services for veterans and youth, and school safety programs.

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• Tax Key Legal Developments Tracker (Federal)—keep up to date with key legal developments!
  • Business Entities. IRS and Treasury issue final regulations to implement the advanced manufacturing investment credit established by the CHIPS Act of 2022 to incentivize the manufacture of semiconductors and semiconductor manufacturing equipment within the United States. Advanced Manufacturing Investment Credit Rules under Sections 48D and 50, T.D. 10009, 89 Fed. Reg. 84732 (Oct. 23, 2024).
  • Employment, Health, and Welfare Plans. IRS issues 2025 cost-of-living adjustments for the qualified plan and IRA limits. The new salary deferral limit for pre-tax/qualified Roth contributions is $23,500. The catch-up contribution limit for eligible employees aged 50 and over, remains at $7,500. Beginning in 2025, plans can (but are not required to) provide an extra catch-up for employees turning 60–63 in that year. R.S. Notice 2024-80.
  • Excise Taxes and Credits. IRS and Treasury issue guidance regarding the sustainable aviation fuel (SAF) credits under I.R.C. §§ 40B and 6426(k). R.S. Notice 2024-74.
  • Practice, Procedure, and Controversy. The Fifth Circuit Court of Appeals narrowed use of the Section 501(c)(4) exemption commonly used by “dark money” groups to influence U.S. politics. Mem'l Hermann Accountable Care Org. v. Commissioner, 2024 U.S. App. LEXIS 27354 (5th Cir. Oct. 28, 2024).
• Inflation Reduction Act: Tax Provisions Tracker—keep up to date with key legal developments regarding the Inflation Reduction Act of 2022.
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• For Practical Guidance content on important recent trends, review easy-to-use Resource Kits on a variety of emerging topics:
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• The Fall 2024 Edition of The Practical Guidance Journal features guidance on the use of AI in employment decisions, AI considerations in acquisition agreements, Chevron deference reversal challenges in FDA rulemaking, 50 years of ERISA pension protection, plus obligations and risks related to the provision of anti-overdose medication in the workplace.
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  Review this informative guide featuring some of the recent content additions to Practical Guidance, designed to help you find the tools and insights you need to work more efficiently and effectively.

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