Corporate Close-Up: New Year, New Rates

When the clock hit midnight on Jan. 1, 2015, many corporations had more to celebrate than the start of a new year. For taxpayers in eight states, 2015 brings significantly lower corporate tax rates.

Most of the rate changes are part of scheduled decreases in corporate tax rates, which were enacted as the states continue to recover from the Great Recession.

States with a lower flat rate corporate tax include Arizona, the District of Columbia, Illinois, Indiana, North Carolina, and Rhode Island. New Mexico reduced the rate on its top income bracket of $1 million or more. Texas’ taxable margin rates were also reduced.  


With a free trial to Premier State Tax Library, practitioners have a single, trusted resource that provides all of the tools and information they need to develop, and implement the right tax strategies.