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1 Janelle Cammenga, State Corporate Income Tax Rates and Brackets for 2020 1 (2020)

handle is hein.taxfoundation/stcinct0001 and id is 1 raw text is: FISCAL FACT No. 692 Jan. 2020 State Corporate Income Tax Rates and Brackets for 2020 Janelle Cammenga Policy Analyst 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. * Ten states-Arizona, Colorado, Florida, Kentucky, Mississippi, Missouri, North Carolina, North Dakota, South Carolina, and Utah-have top rates at or below 5 percent. * Nevada, Ohio, Texas, and Washington impose gross receipts taxes instead of corporate income taxes. Gross receipts taxes are generally thought to be more economically harmful than corporate income taxes. * South Dakota and Wyoming are the only states that do not levy a corporate income or gross receipts tax. The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and global levels. We are a 501(c)(3) nonprofit organization. @2020 Tax Foundation Distributed under Creative Commons CC-BY NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org

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