State Tax

Key Findings Forty-four states levy a corporate income tax. Rates range from 2.5 percent in North Carolina to 12 percent in Iowa. Six states—Alaska, Illinois, Iowa, Minnesota, New Jersey, and Pennsylvania—levy top marginal corporate income tax rates of 9 percent or higher. Eight states—Arizona, Colorado, Kentucky, Mississippi, North Carolina, North Dakota, South Carolina, and Utah—have
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Over the past month, Oregon’s Joint Committee on Student Success Subcommittee on Revenue has been evaluating options to provide additional revenue for Oregon’s public education system. The committee hopes to raise about $2 billion to help cover Oregon’s structural budget deficit and has heard testimony from the Oregon business community, a coalition of business and
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In New York, Governor Andrew Cuomo (D) is staring down a $2.3 billion shortfall, and he thinks he’s identified the culprit: the state and local tax (SALT) deduction cap. It’s a politically convenient scapegoat, but it misses the point—and more importantly, it misses an opportunity to improve the state’s uncompetitive tax code. Once a skeptic
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Key Findings Forty-five states and the District of Columbia collect statewide sales taxes. Local sales taxes are collected in 38 states. In some cases, they can rival or even exceed state rates. The five states with the highest average combined state and local sales tax rates are Tennessee (9.47 percent), Louisiana (9.45 percent), Arkansas (9.43
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The Institute on Taxation and Economic Policy is out today with a report recommending how states should approach taxing legalized marijuana. It’s a topic we’ve written about extensively, and based on that research, we have some concerns with the report’s suggestion that states tax marijuana based on the weight of the amount sold rather than
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State sales tax bases have two key areas in need of improvement: in some ways, they are too narrow, and in other ways, they are too broad. State sales tax bases have narrowed over time as new exemptions have been created, such as exemptions for groceries and prescription drugs. Another factor contributing to the shrinking
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The Arkansas Tax Reform and Relief Task Force concluded its work earlier this month, referring several tax changes to the General Assembly for its consideration in January when the legislative session begins. Amidst the flurry of activity, it’s difficult for everyday Arkansans to know how these tax reforms will impact their budget and their tax
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This week’s state tax map examines states that have a throwback rule in their corporate tax code. Throwback rules are not widely understood, but they have a notable impact on business location and investment decisions. For purposes of corporate taxation, multistate businesses are required to apportion their income among the states in which they operate.
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Unfortunately, Chicago’s poorly-designed “Netflix tax” is still alive and kicking. In 2015, Chicago’s Department of Finance determined that its 9 percent amusement tax applied to streaming services, such as Netflix, Spotify, and Hulu. This interpretation has been challenged in court, but as Bloomberg Tax recently reported, Sony has voluntarily agreed to collect the tax for
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This year, “Cyber Monday” signifies more than just a chance to get the best post-Black Friday deals. It also kicks off the first holiday online shopping season since the U.S. Supreme Court sales tax ruling in South Dakota v. Wayfair. It’s a big step but also doesn’t represent a huge sea change, given the evolution
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