{"id":2089,"date":"2019-05-14T02:02:04","date_gmt":"2019-05-14T02:02:04","guid":{"rendered":"https:\/\/sarahf10.sg-host.com\/?p=2089"},"modified":"2021-02-23T21:14:45","modified_gmt":"2021-02-23T21:14:45","slug":"state-income-taxes-increase-burden-on-corporate-profits","status":"publish","type":"post","link":"https:\/\/taxops.com\/state-income-taxes-increase-burden-on-corporate-profits\/","title":{"rendered":"State Income Taxes Increase Burden on Corporate Profits"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/taxops.com\/wp-content\/uploads\/2019\/05\/STATE-INCOME-TAXES-1-199x300.png\" alt=\"\" class=\"wp-image-2093 lazyload\"\/><noscript><img decoding=\"async\" src=\"https:\/\/taxops.com\/wp-content\/uploads\/2019\/05\/STATE-INCOME-TAXES-1-199x300.png\" alt=\"\" class=\"wp-image-2093 lazyload\"\/><\/noscript><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">While tax reform in 2017 lowered the federal income tax rate from 3% to 21%, most states also tax corporate income. Scott Eastman for <a href=\"https:\/\/taxfoundation.org\/state-corporate-income-taxes-increase-tax-burden-on-corporate-profits\/?utm_source=Tax+Foundation+Newsletters&amp;utm_campaign=4fbe8943c4-RSS_EMAIL_CAMPAIGN&amp;utm_medium=email&amp;utm_term=0_8387957ec9-4fbe8943c4-427651801&amp;mc_cid=4fbe8943c4&amp;mc_eid=e5bb68bfa0\">The Tax Foundation<\/a> says these state-level taxes raise the average corporate income tax rate to 25.9% in 2019.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In-state rates vary across the 44 states levying a corporate income tax. These state rates range from a low of 3% in North Carolina to a high of 12% in Iowa. Not all rates are flat; 14 states have progressively structured corporate income taxes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The state with the highest corporate income tax rate is New Jersey, with a top combined rate of more than 30 percent. Corporations in six other states?Alaska, Illinois, Iowa, Maine, Minnesota, and Pennsylvania?face a combined rate over 28 percent.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Only six states do not assess a corporate income tax&#8211;Nevada, Ohio, South Dakota, Texas, Washington, and Wyoming. Businesses in these states still pay the 21% federal corporate rate. And in four of these states&#8211;Nevada, Ohio, Texas, and Washington&#8211;they also pay a gross receipts taxes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Get all the reported details at <a href=\"https:\/\/taxfoundation.org\/state-corporate-income-taxes-increase-tax-burden-on-corporate-profits\/?utm_source=Tax+Foundation+Newsletters&amp;utm_campaign=4fbe8943c4-RSS_EMAIL_CAMPAIGN&amp;utm_medium=email&amp;utm_term=0_8387957ec9-4fbe8943c4-427651801&amp;mc_cid=4fbe8943c4&amp;mc_eid=e5bb68bfa0\">The Tax Foundation<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img class=\"lazyload\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/taxops.com\/wp-content\/uploads\/2019\/05\/how-high-are-combined-corporate-tax-rates-in-your-state-1024x851.png\" alt=\"\"\/><noscript><img class=\"lazyload\" decoding=\"async\" src=\"https:\/\/taxops.com\/wp-content\/uploads\/2019\/05\/how-high-are-combined-corporate-tax-rates-in-your-state-1024x851.png\" alt=\"\"\/><\/noscript><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Let?s Talk Tax<\/h3>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><u><a href=\"https:\/\/taxops.com\/team\/judy-vorndran\">Judy Vorndran<\/a><\/u>&nbsp;can be reached at&nbsp;<a href=\"mailto:jvorndran@taxops.com\"><u>jvorndran@taxops.com<\/u><\/a>&nbsp;Or 720.227.0093.&nbsp;<a href=\"https:\/\/www.linkedin.com\/in\/judyvorndran\/\"><u>Follow<\/u><\/a>&nbsp;Judy on LinkedIn.<\/p><\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\">In Other Tax News<\/h3>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><a href=\"https:\/\/taxops.com\/pass-through-businesses-qa\/\">Pass-Through Businesses Q&amp;A<\/a><\/p><p><a href=\"https:\/\/taxops.com\/wayfairs-unintended-consequence-overcharging-at-checkout\/\">Wayfair?s unintended consequence: Overcharging at checkout<\/a><\/p><p><a href=\"https:\/\/taxops.com\/r-d-nexus-who-worked-on-what\/\">?R&amp;D nexus: Who worked on what?? in Accounting Today<\/a><\/p><p><a href=\"https:\/\/taxops.com\/open-your-salt-toolbox-sales-and-use-tax-webinars-on-demand\/\">Open your SALT toolbox: Sales and Use Tax webinars on-demand<\/a><\/p><\/blockquote>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/taxops.com\/subscribe-to-tax-news-by-email\"><img class=\"lazyload\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/taxops.com\/wp-content\/uploads\/2019\/04\/subscribe.png\" alt=\"\"\/><noscript><img class=\"lazyload\" decoding=\"async\" src=\"https:\/\/taxops.com\/wp-content\/uploads\/2019\/04\/subscribe.png\" alt=\"\"\/><\/noscript><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.linkedin.com\/company\/taxops-llc\"><img class=\"lazyload\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/taxops.com\/wp-content\/uploads\/2019\/04\/Follow-us-on-LinkedIn-1-300x127.jpg\" alt=\"\"\/><noscript><img class=\"lazyload\" decoding=\"async\" src=\"https:\/\/taxops.com\/wp-content\/uploads\/2019\/04\/Follow-us-on-LinkedIn-1-300x127.jpg\" alt=\"\"\/><\/noscript><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While tax reform in 2017 lowered the federal income tax rate from 3% to 21%, most states also tax corporate income. Scott Eastman for The Tax Foundation says these state-level taxes raise the average corporate income tax rate to 25.9% in 2019. In-state rates vary across the 44 states levying a corporate income tax. These [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2093,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","spt_transcript":"","footnotes":""},"categories":[229,226],"tags":[31,113,188,27,36,189,101],"class_list":["post-2089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-state-and-local","category-tax-news","tag-business","tag-corporate","tag-corporate-income-tax","tag-federal-tax","tag-income-tax","tag-profits","tag-state-tax"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/taxops.com\/wp-content\/uploads\/2019\/05\/STATE-INCOME-TAXES-1-e1557935157457.png","_links":{"self":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts\/2089","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/comments?post=2089"}],"version-history":[{"count":1,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts\/2089\/revisions"}],"predecessor-version":[{"id":6687,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts\/2089\/revisions\/6687"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/media\/2093"}],"wp:attachment":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/media?parent=2089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/categories?post=2089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/tags?post=2089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}