On the Map Corporate Taxes
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March 7, 2023
Which States Have Tax Cut Triggers or Phase-ins?
In recent years, lawmakers have been quick to push for phased-in tax cuts or cuts attached to trigger mechanisms. These policy tools push the implementation of tax cuts outside of the current budget window with a predetermined phase-in schedule or a mathematical formula tied to state revenue trends. -
"Combined reporting" lessens the effectiveness of a tax avoidance scheme known as income shifting, in which large multi-state corporations dubiously claim that their income was earned in states with little or no corporate income tax. -
Corporate income taxes are an important source of revenue for state governments and ensure that profitable corporations benefiting from public services pay toward the maintenance of those services.
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