income taxes are levied in 44 states, with rates ranging from 2.5 percent in North Carolina to 12 percent in Iowa, according to Janelle Cammenga for
the Tax Foundation. Cammenga's report highlights just how little corporate income taxes contribute to state coffers. Corporate income taxes account
for an average of just 3.38 percent of state tax collections and 2.24 percent of state general revenue.
Other key findings of the corporate income tax analysis include:
- Six states—Alaska, Illinois, Iowa, Minnesota, New Jersey, and Pennsylvania—levy top marginal corporate income tax rates of 9 percent or
- Eight states—Arizona, Colorado, Kentucky, Mississippi, North Carolina, North Dakota, South Carolina, and Utah—have top rates at or below 5 percent.
- Nevada, Ohio, Texas, and Washington impose gross receipts taxes instead of corporate income taxes.
- South Dakota and Wyoming are the only states that do not levy a corporate income or gross receipts tax.
Also highlighted in the report are state changes to corporate income tax rates over the past year in Connecticut, Georgia, Idaho, Mississippi, Indiana,
New Hampshire, New Jersey, North Carolina, and Utah. Read the details at the Tax Foundation: State Corporate Income Tax Rates and Brackets for 2019
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Judy Vorndran Can Be Reached At Jvorndran@Taxops.Com Or 720.227.0093. Follow Judy On LinkedIn.
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