Illinois business income taxes No. 2 in U.S.

Top marginal corporate income tax rate by state, rank in U.S., 2024

(a) Connecticut charges 10% surtax on a business' 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 Jan. 1, 2026. (b) 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 such as Pennsylvania, Virginia and West Virginia, which permit gross receipts taxes at the local (but not state) level. (c) Georgia's corporate income tax rate is scheduled to revert to 6% on Jan. 1, 2026. (d) Illinois' rate includes two separate corporate income taxes, one at a 7% rate and one at a 2.5% rate. (e) In New Jersey, the rates indicated apply to a corporation's entire net income rather than just income over the threshold. In addition to regular income taxes, many states impose other taxes on corporations such as gross receipts taxes and capital stock taxes. Some states also impose an alternative minimum tax and special rates on financial institutions.
Chart: @illinoispolicySource: Tax FoundationGet the dataCreated with Datawrapper