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State Tax Rates to Change in 2015

The following state tax rate changes will be in effect beginning January 1, 2015:

Arizona: Corporate income tax rate drops from 6.5% to 6.0%

Illinois: Income tax rate drops from 5% to 3.75% and corporate income tax rate drops from 9.5% to 7.75%

Indiana: Income tax rate drops from 3.4% to 3.3% and corporate income tax rate drops from 7% to 6.5% (effective July 2015)

Massachusetts: Income tax rate drops from 5.2% to 5.15%

Nebraska: Tax brackets are now indexed for inflation for the first time

New Mexico: Corporate income tax rate drops from 7.3% to 6.9%

North Carolina:  Income tax rate drops from 5.8% to 5.75% and corporate tax rate drops from 6% to 5%

Rhode Island: Corporate tax rate drops from 9% to 7%

West Virginia: Franchise tax repealed (in 2014 it was 0.1% of a company’s capital accumulation and stock value)

Washington D.C: See article here (from the Washington Post)



 

 
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