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Business Taxes Archive

State Corporate Income Tax Rates and Brackets for 2022

TweetShareSharePin0 Shares Key Findings Forty-four states levy a corporate income tax. Rates range from 2.5 percent in North Carolina to 11.5 percent in New Jersey. Six states—Alaska, Illinois, Iowa, Minnesota, New Jersey, and Pennsylvania—levy top marginal corporate income tax rates of 9 percent or higher. Eleven states—Arizona, Colorado, Indiana, Kentucky, Mississippi, Missouri, North Carolina, North

State Net Operating Loss Provisions

TweetShareSharePin0 Shares Key Findings Well-designed Net Operating Loss (NOL) provisions benefit the economy by smoothing business income, which mitigates entrepreneurial risk and helps firms survive economic downturns. Forgoing tax revenue in the short term affords businesses the opportunity to prioritize human and physical capital investment. Start-ups and industries with profits highly correlated to the business

Comparing Cross-Border Tax Systems in Europe, 2021

TweetShareSharePin0 Shares Today’s map looks at how European OECD countries rank on cross-border tax rules and is the last in our series examining each of the five components of our International Tax Competitiveness Index (ITCI). Cross-border tax rules define how income earned abroad and by foreign entities are taxed domestically, making them an important element of

2022 State Tax Changes Effective January 1, 2022

TweetShareSharePin0 Shares Key Findings Twenty-one states and the District of Columbia had significant tax changes take effect on January 1, 2022 Five states (Arizona, Arkansas, Louisiana, North Carolina, and Oklahoma) cut individual income taxes effective January 1. The District of Columbia was the only jurisdiction to increase income taxes. Four states (Arkansas, Louisiana, Nebraska, and

California Health Care Tax Proposal

TweetShareSharePin0 Shares A proposed constitutional amendment (ACA 11) in California would increase taxes by $12,250 per household, roughly doubling the state’s already high tax collections, to fund a first-in-the-nation single-payer health-care system. The top marginal rate on wage income would soar to 18.05 percent—nationally, the median top marginal rate is 5.3 percent—and the state would

Improving Tax Mobility and Tax Modernization

TweetShareSharePin0 Shares Key Findings The post-pandemic economy will be characterized by greater mobility and new ways of living and doing business. States must take this opportunity to modernize their tax codes to reflect economic changes and to improve their competitive posture. Because the reality is that businesses that find their upward mobility constrained have more

Americans Moved to Low-Tax States in 2021

TweetShareSharePin0 Shares Americans were on the move in 2021, and they chose low-tax states over high-tax ones. That’s the finding of recent U.S. Census Bureau population data, along with commercial datasets released this week by U-Haul and United Van Lines. Nationally, the U.S. population only grew by 0.1 percent between July 2020 and July 2021,

Tax Extenders Slated to Expire at End of 2021

TweetShareSharePin0 Shares It’s that time of year when we review which items of the tax code are scheduled to expire or otherwise change in just a few days. An eclectic group of temporary tax policies approach their expiration dates, but at the last minute typically hitchhike onto must-pass legislation for another temporary extension. Not so
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