Corporate Tax Rates Nationwide and Illinois Tax Reform

Posted on May 06, 2014

The Tax Foundation released a great map of the US with the corporate tax rates, proving Illinois is in need of tax reform.

This shows that Illinois falls towards the top with the 4th highest corporate tax rate in the nation and one of the highest in the world.

Although some states don’t impose a corporate tax, they might impose a gross receipts tax, there are some states like Delaware and Virginia that impose both the corporate tax and gross receipts tax.

Our favorite bets for starting a new business, Ohio, Texas and Washington because they impose neither the corporate tax or gross receipts tax.

As for Illinois, where we reside, Illinois has been in need of a corporate tax reform for quite some time now. The Illinois corporate tax rate is 7 percent, excluding the 2.5 percent “personal property replacement tax.” However, for the purposes of this article, these are included together with a great explanation by TaxFoundation.org here.