For 2023, the U.S. state with the highest tax rate on the highest corporate income bracket is New Jersey, with a top corporate income tax rate of 11.5 percent, which applies to companies with an income over one million U.S. dollars. North Carolina had the lowest top corporate tax rate of 2.5 percent, and both South Dakota and Wyoming have no corporate income tax.
Top marginal corporate income tax rates in the United States in 2023, by state
* Impose gross receipts taxes instead of corporate income tax.
** No corporate or gross income tax
*** In New Jersey, the rates indicated apply to a corporation's entire net income rather than just income over a certain threshold. 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.
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Tax Foundation. (January 24, 2023). Top marginal corporate income tax rates in the United States in 2023, by state [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/762795/corporate-income-tax-rates-by-state-us/
Tax Foundation. "Top marginal corporate income tax rates in the United States in 2023, by state ." Chart. January 24, 2023. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/762795/corporate-income-tax-rates-by-state-us/
Tax Foundation. (2023). Top marginal corporate income tax rates in the United States in 2023, by state . Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/762795/corporate-income-tax-rates-by-state-us/
Tax Foundation. "Top Marginal Corporate Income Tax Rates in The United States in 2023, by State ." Statista, Statista Inc., 24 Jan 2023, https://www.statista.com/statistics/762795/corporate-income-tax-rates-by-state-us/
Tax Foundation, Top marginal corporate income tax rates in the United States in 2023, by state Statista, https://www.statista.com/statistics/762795/corporate-income-tax-rates-by-state-us/ (last visited November 21, 2024)
Top marginal corporate income tax rates in the United States in 2023, by state [Graph], Tax Foundation, January 24, 2023. [Online]. Available: https://www.statista.com/statistics/762795/corporate-income-tax-rates-by-state-us/
