fbpx
Friday, 9 June 2023
La mansión de las ideas
  • Present
  • Money
  • SNAP
La mansión de las ideas

Home » Home & Crafts » 2023 State Corporate Income Tax Rates and Brackets

2023 State Corporate Income Tax Rates and Brackets

What companies need to know about corporate income tax in 2023

by Nvindi
01/02/2023 18:30
in Home & Crafts
2023 State Corporate Income Tax Rates and Brackets

State Corporate Income Tax

Noticias mas recientes del tema

Marie Kondo and Shoes: How to Store your Shoes Without Taking Up Too Much Room

Boost Your Savings Only Six EVs to Qualify for $7,500 Federal Tax Credit

Stop Overpaying on Property Taxes: How Minnesota Homeowners Can Challenge Their Assessments

44 states have a corporate income tax with rates from 2.5% in North Carolina to 11.5% in New Jersey. 4 states (Alaska, Illinois, Minnesota, New Jersey) have top rates over 9%. 11 states (Arizona, Colorado, Indiana, Kentucky, Mississippi, Missouri, North Carolina, North Dakota, Oklahoma, South Carolina, Utah) have top rates below 5%.

Nevada, Ohio, Texas, Washington impose gross receipts taxes instead of corporate income tax. Delaware, Oregon, Tennessee impose both. Some PA, VA, and WV localities also impose gross receipts taxes. Only South Dakota & Wyoming don’t have a corporate tax or gross receipts tax.

Modifications on state corporate taxes

44 states have corporate income taxes. 7.07% of state tax collections, 4.04% of state gen. rev. in FY21 (up from 2.26% in FY20). Historical norms around 2.26%. NJ has highest corporate tax rate at 11.5%, followed by MN (9.8%), IL (9.5%). AK and PA have 9.4% and 8.99% respectively. NC has lowest corporate tax rate of 2.5%, followed by MO and OK (4%) and ND (4.31%). CO, UT, AZ, IN (4.9%), KY, MS, SC (5%) also have low rates. NV, OH, TX, WA forgo corporate income tax for harmful gross receipts tax. DE, OR, TN impose both. PA, VA, WV allow local gross receipts tax. SD, WHY don’t impose corporate or gross receipts tax. NC to join by 2030 after phasing out corporate tax.

State Corporate Income Tax
2023 State Corporate Income Tax Rates and Brackets

Single-rate limits

Single-rate limits wasteful tax planning in response to high marginal tax rates.Several states have changed corporate income tax rates and made other revisions/reforms in the past year. Key changes for 2023 tax year include:

  • Arkansas reduced its top tax rate from 5.9% to 5.3% on Jan 1 due to H.B. 1002, enacted in Aug 2022, speeding up planned reductions for individual & corporate income taxes.
  • Iowa consolidated its 3-bracket corporate tax to 2-brackets, reducing the top rate from 9.8% to 8.4% due to meeting revenue triggers ahead of schedule.
  • New Hampshire reduced its Business Profits Tax (state’s corporate tax) from 7.6% to 7.5% starting 2023 due to HB 1221 enacted in June 2022.
  • HB 1342 caused Pennsylvania to reduce its rate from 9.99% to 8.99% on Jan 1, 2023. It will decrease 0.5% annually till 2031 reaching 4.99%.

Idaho reduced its corporate tax rate from 6.5% to 6.0% retroactive to Jan 1, 2022 through H0436 adopted in the previous year.

Tags: Tax
Previous Post

”Now I Know We’re in a Recession”: Walmart Shopper Shows Why She Thinks the US Is in Economic Trouble

Next Post

Tiffany & Co. x Nike Sneaker Collaboration Sparks Controversy Among Sneaker Lovers

Artículos Relacionados

$1,000 check for tax return
Present

Check for tax return: If you live in this state you may be entitled to your $1,000

Tax Refunds about to Expire Claim your Money
Present

1.5 Billion Dollars worth of Tax Refunds about to Expire Claim your Money

Strategies to Manage the Delay of your Tax Refund
Present

The Time is Now: Take Control of Your Tax Refund Delay 7 Powerful Strategies to Get Your Money

logo la mansion
  • Home & Crafts

© 2023 Mansion Ideas | Aviso Legal y Cookies | hoTTie

  • Present
  • Money
  • SNAP
Gestiona tu privacidad

To provide the best experiences, we and our partners use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us and our partners to process personal data such as browsing behavior or unique IDs on this site and show (non-) personalized ads. Not consenting or withdrawing consent, may adversely affect certain features and functions.

Click below to consent to the above or make granular choices. Your choices will be applied to this site only. You can change your settings at any time, including withdrawing your consent, by using the toggles on the Cookie Policy, or by clicking on the manage consent button at the bottom of the screen.

Funcional Always active
El almacenamiento o acceso técnico es estrictamente necesario para el propósito legítimo de permitir el uso de un servicio específico explícitamente solicitado por el abonado o usuario, o con el único propósito de llevar a cabo la transmisión de una comunicación a través de una red de comunicaciones electrónicas.
Preferencias
El almacenamiento o acceso técnico es necesario para la finalidad legítima de almacenar preferencias no solicitadas por el abonado o usuario.
Estadísticas
El almacenamiento o acceso técnico que es utilizado exclusivamente con fines estadísticos. El almacenamiento o acceso técnico que es utilizado exclusivamente con fines estadísticos anónimos. Sin una requerimiento, el cumplimiento voluntario por parte de su proveedor de servicios de Internet, o los registros adicionales de un tercero, la información almacenada o recuperada sólo para este propósito no se puede utilizar para identificarlo.
Mercadeo
El almacenamiento o acceso técnico es necesario para crear perfiles de usuario para enviar publicidad, o para rastrear al usuario en un sitio web o en varios sitios web con fines de marketing similares.
Statistics

Marketing

Features
Always active

Always active
Manage options Manage services Manage vendors Read more about these purposes
Administrar opciones
{title} {title} {title}
  • English