What are state corporate tax rates?

Corporate Tax Rates By State 2021

State Corporate Tax Rate
Illinois 9.50%
Alaska 9.40%
Maine 8.93%
California 8.84%

What is the marginal corporate tax rate?

A: Marginal tax rate refers to the rate that is applied to the last dollar of a company’s taxable income, based on the statutory tax rate of the relevant jurisdiction, which is partly based on which tax bracket the company occupies (for US corporations, the federal corporate tax rate would be 35%).

What is the corp tax rate?

All companies are subject to a federal tax rate of 30% on their taxable income, except for ‘small or medium business’ companies, which are subject to a reduced tax rate of 25% for the 2021/22 income year (26% for the 2020/21 income year).

What is the corporate tax rate in Colorado?

Colorado voters approved Proposition 116 in November, retroactively lowering the corporate income tax from 4.63 to 4.55 percent as of January 1, 2020. [5] Indiana’s rate decreased to 5.25 percent on July 1, 2020, and a final reduction to 4.9 percent is scheduled to kick in July 1, 2021. [6]

What’s the top corporate tax rate in the United States?

Six states—Alaska, Illinois, Iowa, Minnesota, New Jersey, and Pennsylvania—levy top marginal corporate income tax rates of 9 percent or higher. Ten states—Arizona, Colorado, Florida, Kentucky, Mississippi, Missouri, North Carolina, North Dakota, South Carolina, and Utah—have top rates at or below 5 percent.

What are the corporate tax rates in Alaska?

State Corporate Income Tax Rates as of January 1, 2020 State Rates Brackets Ala. 6.5% $0 Alaska 0.0% $0 2.0% $25,000 3.0% $49,000

What’s the new corporate tax rate for 2020?

A temporary and retroactive surcharge is in effect from 2020 to 2023, bringing the rate to 11.5% for businesses with income over $1 million. Note: In addition to regular income taxes, many states impose other taxes on corporations such as gross receipts taxes and capital stock taxes.