1、State tax policy:potential impacts of the 2024 electionThe outcomes of recent federal and state elections are likely to significantly impact state fiscal conditions and tax policy decisions in the coming years.2State tax policy:potential impacts of the 2024 election3State tax policy:potential impact

2、s of the 2024 electionExecutive and legislative racesWhile most attention has been focused on the federal elections with 34 Senate seats,all House seats and the presidency up for election significant state elections and ballot measures also will be decided.Eleven gubernatorial races will be decided,

3、with at least eight states poised to welcome a new governor due to term limits or an incumbents decision not to seek re-election.Such changes in state executive leadership are likely to bring new directors of state departments of revenue and economic development,potential shifts in tax and economic

4、policy,and tax reform proposals driven by the executive branch.Legislative elections will be held in 44 out of 50 states,deciding approximately 5,800 legislators(79%)in 85 of the nations 99 state legislative chambers.With these elections will come changes in legislative leadership,new chairs of stat

5、e tax-writing committees,and new lawmakers contributing to tax policy decisions across the country.Ballot measuresSeveral states empower their residents to create law directly through ballot initiatives,including decisions on state tax policy.While several important state tax-related measures are on

6、 the ballot this election cycle,a few stand out as especially significant.If approved,Oregon Measure 118 would impose a new 3%minimum tax on corporations Oregon gross sales exceeding$25 million,beginning in 2025(see Tax Alert 2024-1250).San Francisco Measure M,if approved,would substantially revise