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Table of State Taxes
No personal or corporate income tax.
Franchise tax of $50 or two-tenths of one mill per dollar of assets ($.0002), whichever is greater.
Sales tax is 5.42%.
Banks have a graduated cheaper rate for income over 20 million down to 2.7%.
Gross receipt tax of .104 – 2.7% on income over about $200,000 each quarter.
Franchise tax upon the authorized shares or gross assets, usually about $100.
6.96% with a minimum payment of $50 regardless of net taxable profit.
8.84% for non financial corporations
7.5%. There is a $250 minimum payment to submit the tax return, even if you don’t make any money. There is also the BET tax with a $200 minimum.
9.975% with a minimum tax payment of $100 just to submit a zero return.
7.6% with a minimum payment of $20 even for a zero return.
3% of federal net income.
9.5% with a minimum tax payment of $456. Also, there is a property tax of $2.60 for every $1000 of assets your business owns that is located in the state.
5.3% of regular income, distributions, dividends, and long term capital gains.
4.95% plus a modified gross receipts tax of .8% of sales minus purchases from other companies.
9.8%. There is a 5.8% minimum tax on value if there is property owned in Minnesota.
6.25% plus the Missouri franchise tax of .0333% of taxable capital in the state.
6.75% with a $50 minimum fee for filing a return.
No tax. There is a $200 a year “Business license tax,” but it’s just a flat fee, and there’s no income reporting.
8.5%. NH has two corporate taxes: the Business Profits Tax (BPT) and the Business Enterprise Tax (BET). The BPT rate is 8.5% of income for corporations with gross receipts over $50K. The BET rate is 0.75% on the enterprise value tax base (total compensation paid out, including dividends and interest). The BET is assessed on corporations with gross receipts over $150K or an enterprise value tax base over $75K.
All corporate returns have a $500 minimum payment. LLCs only have a $125 per member minimum payment, but if your LLC elects to be taxed as an S corporation, you’ll be forced to pay the $500 minimum tax.
7.1%. There is a minimum tax of $100-$1500 depending on your County and assets.
6.9% with a minimum tax payment of $35. There is a franchise tax on assets in North Carolina of $1.50 for every $1000.
.26% of your gross revenue. This is called the CAT return, or Commercial Activity Tax. This is on every entity, regardless of it being an LLC, Partnership, or Corporation. It has a $150 minimum payment.
6%. Plus a Oklahoma franchise tax of $1.25 for every $1000 of assets in Oklahoma.
9% of net taxable income or $2.50 for every $10,000 of authorized capital stock, whichever is greater. There is a minimum franchise tax payment of $500–otherwise called the Rhode Island Business Corporation Tax. This tax must be paid for LLCs and S corporation elections as well as C corporations.
All Corporations, LLCs, and Partnerships, regardless of their tax status with the IRS are subject to the Tennessee franchise tax and Tennessee Excise tax. The franchise tax has a minimum payment of $100. Franchise tax is figured at .25% of the net worth of corporation or the tangible property. The excise tax is 6.5% of the net taxable income made in TN.
Texas has a gross receipt tax of 1% on gross income over $1,000,000. You can use the e-Z computation form to get .575% tax if your sales are under 10 million a year. Wholesalers and retailers are automatically at .5% tax.You must still file the tax return for informational purposes every May 15th. In 2009, Texas passed legislation to move the threshold of gross receipts from 300,000 to 1 million. Finally a state that get’s it! Stimulate the economy by lowering taxes and fees… Not raising them! Most Texas businesses will not have to pay anything in tax on the company level or personally.
5% with a minimum tax payment for the Corporation franchise privilege tax of $100 for every return. S corporations do not have to pay the minimum franchise tax.
Washington charges a gross income tax of 1.5% on your revenue after your first $35,000 of gross receipts. Washington calls this a business and occupations tax, or better known in the state as a B & O tax. This is tracked by your Washington state UBI number (Unified Business Identifier number)There are basically no deductions. Washington state will deduct the money you made in another state and paid taxes for there, which can make it a very attractive state to own a national company in.
8.5% of net income with minimum payment of $50 for Business franchise tax. Franchise tax rate is .55% of capital.
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