![]() Number of cities with local income taxes: 0. ![]() ![]() Median household income: $97,126 (U.S.New Jersey income tax rate: 1.40% - 10.75%.The number of taxpayers and payments declined in 2020 due to the COVID-19 pandemic, but showed signs of recovery in 2021. Approximately 25,000 businesses pay more than $1.5 billion in tax. The metropolitan commuter transportation mobility tax (MCTMT) is imposed on certain businesses within the metropolitan commuter transportation district (MCTD) to fund critical transportation infrastructure in the downstate and New York City regions. The Tax Department administers more than $1.6 billion in tax credits across more than 60 economic development incentives, which help businesses grow, hire, and expand. Sources: Tax Foundation state tax statutes, forms, and instructions Bloomberg Tax. Some states also impose an alternative minimum tax and special rates on financial institutions. Note: In addition to regular income taxes, many states impose other taxes on corporations such as gross receipts taxes and capital stock taxes. 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. (e) In New Jersey, the rates indicated apply to a corporation’s entire net income rather than just income over the threshold. (d) Illinois’ rate includes two separate corporate income taxes, one at a 7% rate and one at a 2.5% rate. (c) Georgia’s corporate income tax rate will revert to 6% on January 1, 2026. Delaware, Oregon, and Tennessee have gross receipts taxes in addition to corporate income taxes, as do several states like Pennsylvania, Virginia, and West Virginia, which permit gross receipts taxes at the local (but not state) level. (b) Nevada, Ohio, Texas, and Washington do not have a corporate income tax but do have a gross receipts tax with rates not strictly comparable to corporate income tax rates. Legislators have extended the surtax in the past and will decide whether to do so again this session. (a) Connecticut has historically charged a 10% surtax on a business’s tax liability if it has gross proceeds of $100 million or more, or if it files as part of a combined unitary group. Top State Corporate Income Tax Rates and Brackets as of JanuState From highest to lowest percentage: NJ, PA, MA, DE, VT, MD< MA, CT, NH, NY, RI Top state corporate income tax returns for northeastern states (as of January 1, 2023). New York State has the 16 th highest corporate tax rate in the country-and one of the lowest rates in the Northeast. Roughly 1,400 utility, telecommunications, and transportation companies paid $721 million annually under the state's corporation tax. Roughly 1,300 insurance taxpayers remitted $2.1 billion annually through the state's insurance tax. Article 9-A corporation franchise tax: share of taxpayer base Tax year More than 80% of corporation taxpayers pay less than $1,000 in tax. The corporate tax burden is primarily carried by less than 1% of taxpayers. Their share of the total tax has risen from 65% to almost 74%. Liability for Article 9-A corporations: tax years 2015–2020 Tax liability year The number of corporations and tax liability has grown since. New York State’s corporate tax reform was implemented in 2015 to ease the compliance burden on businesses operating in the state. This is an increase of $1.7 billion from 2021. New York State collected almost $10 billion in corporation taxes in 2022. Corporation tax collections by year Calendar yearĬorporation tax collections (in millions of dollars) This is an increase of $1.4 billion from 2020. New York State collected more than $8 billion in corporation taxes in 2021.
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