![]() ![]() Corporate income taxes accounted for 2.26 percent of general revenue in FY 2020, which is more in line with historical norms. And while these figures are not high, they represent a substantial increase over prior years. Though often thought of as a major tax type, corporate income taxes accounted for an average of just 7.07 percent of state tax collections and 4.04 percent of state general revenue in fiscal year 2021. Unlike a sales tax, a gross receipts tax is assessed on businesses and apply to business-to-business transactions in addition to final consumer purchases, leading to tax pyramiding.Ĭorporate income taxes are levied in 44 states. South Dakota and Wyoming are the only states that levy neither a corporate income nor gross receipts tax A gross receipts tax is a tax applied to a company’s gross sales, without deductions for a firm’s business expenses, like costs of goods sold and compensation.Some localities in Pennsylvania, Virginia, and West Virginia likewise impose gross receipts taxes, which are generally understood to be more economically harmful than corporate income taxes. ![]() Delaware, Oregon, and Tennessee impose gross receipts taxes in addition to their corporate income taxes. Nevada, Ohio, Texas, and Washington impose gross receipts taxes instead of corporate income taxes.Eleven states- Arizona, Colorado, Indiana, Kentucky, Mississippi, Missouri, North Carolina, North Dakota, Oklahoma, South Carolina, and Utah-have top rates at or below 5 percent. ![]()
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