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West Virginia: Franchise tax repealed (in 2014 it was 0.1% of a company’s capital accumulation and stock value)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