May 12, 2019

How Heavily Does Your State Rely on Corporate Income Taxes?


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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. Nationwide, corporate income taxes are responsible for 2.3 percent of state and local general revenue as of Fiscal Year 2016. Most of this revenue flows to state rather than local governments: corporate income tax receipts comprise 3.6 percent of state-level own-source general revenue.

Read More: How State Corporate Income Taxes Work