Economy

Eight Regional Corporations Chosen Among the Most Ethical in The World

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NEW YORK: The Ethisphere Institute has recognized eight southern New England corporations as among the most ethical in the world. For eleven years…

Is Saint Vincent’s Hospital On The Block?

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BRIDGEPORT: A report late Thursday, February 23 in the Connecticut Post revealed that management at Bridgeport’s St. Vincent's Hospital has told…

A For Sale Sign and A Foreclosure For Two Fairfield County Signature…

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By Mitchell Young DANBURY: GE’s sale of its sprawling campus to Sacred Heart University and the relocation of employees to Boston and Norwalk,…

Who’s Your Data?

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HARTFORD: New search capabilities of the state’s business formation database have been made available through a partnership with the Connecticut…

Survey: The Patient [ CT Business ] Is Stable

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The 2016 CBIA/Farmington Bank 3rd Quarter Economic and Credit Availability Survey results were released and reports that the state should expect…

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Washington, DC: 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.

At 12 percent, Iowa has the highest top marginal rate in the country, followed by Pennsylvania (9.99 percent), Minnesota (9.8 percent), Alaska (9.4 percent), Connecticut (9 percent), New Jersey (9 percent), and D.C. (9 percent).

"Though often thought of as a major tax type, corporate income taxes account for just 5.4 percent of state tax collections and 2.7 percent of state general revenue," Scarboro writes.

For 2017, corporate tax rates in four states--Arizona, Indiana, New Mexico, and North Carolina--and D.C. will decline as part of recent tax reform legislation. Since 2008, 15 states have reduced their corporate tax rates, recognizing that the tax raises fairly little revenue but plays a bigger role in business location and expansion decisions.