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Excerpt:
Corporations in the United States pay federal corporate income taxes levied at a 21 percent rate. Many states also levy taxes on corporate income. Forty-four states and D.C. have corporate income taxes on the books, with top rates ranging from North Carolina’s single rate of 2.5 percent to a top marginal rate of 11.5 percent in New Jersey. Fourteen states levy graduated corporate income tax rates, while the remaining 30 states levy a flat rate on corporate income.
In Nevada, Ohio, Texas, and Washington, corporations are subject to gross receipts taxes in lieu of corporate income taxes. Delaware and Oregon impose a tax on corporate income and a separate levy on gross receipts.
Author(s): Garrett Watson
Publication Date: 3 March 2021
Publication Site: Tax Foundation