The budget anticipates a deficit of $450 million for 2025-26 and projects deficits of $410 million for 2026-27 and $386 million for 2027-28. The budget introduces a new personal income tax bracket at 20% for income over $200,000, effective January 1, 2027, and increases insurance premium tax rates, among other changes.
Download this edition of the TaxNewsFlash to learn more.
