State Corporate Income Tax Analysis

Corporate income taxes are levied in 44 states, and twenty- nine states have single-rate corporate tax systems. While often thought of as a major tax type, states' corporate income taxes accounted for an average of just over seven percent of state tax collections and four percent of state general revenue in fiscal year 2021. And while these figures are not high, they represent a substantial increase over prior years, and are among the reasons corporations decide where to conduct business. Corporate income taxes accounted for 2.26 percent of general revenue in FY 2020.

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