With federal tax reform efforts seeking to lower the 35 percent tax rate on corporations, it's also worth remembering that most states also impose taxes that can push business tax marginal rates above 40 percent. New analysis from Tax Foundation Policy Analyst Morgan Scarboro shows the corporate tax brackets and tax rates for these states and the District of Columbia. Montanas corporate income tax rate is 6.75 percent. • Forty-four states levy a corporate income tax. Rates range from 3 percent in North Carolina to 12 percent in Iowa. • Six states — Alaska, Connecticut, Iowa, Minnesota, New Jersey, and Pennsylvania, and the District of Columbia — levy top marginal corporate income tax rates of 9 percent or higher. • Seven states — Arizona, North Carolina, North Dakota, Colorado, Mississippi, South Carolina, and Utah — have top rates at or below 5 percent. • Nevada, Ohio, Texas, and Washington impose gross receipts taxes instead of corporate income taxes. Gross receipts taxes are generally thought to be more economically harmful than corporate income taxes. • South Dakota and Wyoming are the only states that do not levy a corporate income or gross receipts tax.

Market Update

1 DOW 20,701.50
+150.52 (0.73%)    
2 S&P 2,358.57
+16.98 (0.73%)    
3 NASDAQ 5,875.14
+34.77 (0.60%)    
4 MDU 26.98
-0.16 (-0.59%)    
5 SWC 17.46
+0.06 (0.37%)    
6 EBMT 20.00
+0.15 (0.76%)    
7 FIBK 39.35
+0.55 (1.42%)    
8 GBCI 32.88
+0.41 (1.26%)