How High are Corporate Income Tax Rates in Your State?
Top Marginal Corporate Income Tax Rates as of January 1, 2025
Note: In addition to regular income taxes, many states impose other taxes on corporations, such as gross receipts taxes and franchise taxes. Some states also impose an alternative minimum tax and special rates on financial institutions.
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. 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. New Jersey imposes a surtax that adds an additional 2.5% to the rate for corporations with taxable income above $10 million.
Connecticut charges 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. This surtax was recently extended and is scheduled to expire on January 1, 2026.
Illinois' rate includes two separate corporate income taxes, one at a 7% rate and one at a 2.5% rate.
In New Jersey, the rates indicated apply to a corporation's entire net income, rather than just income over the threshold.
Source: Tax Foundation; state statutes, forms, and instructions; Bloomberg Tax. Download Labeled Version
.svg){kind=small}