Crain’s Chicago Business: How Much Do Illinois Companies Pay in Taxes?
media mentionIllinois’ Fortune 500 companies are paying less and less in state corporate taxes—and sometimes, almost nothing at all.
A new report by the Institute on Taxation and Economic Policy found certain corporations are finding ways to shelter much of their profit from state taxes. The eight-year study looked at 240 Fortune 500 companies from 2008 to 2015. Of those, 17 are headquartered in Illinois.
It found that the average effective state tax rate paid by the companies is 2.9 percent. The average statutory state corporate tax rate is 6.25 percent, which means these corporations paid less than half the average effective state tax rate.