The decline in business tax rates vary from state to state.
Of the half dozen state’s trimming their corporate income tax rates, Arkansas’s will drop to the lowest level, with top marginal rates of the state’s corporate income tax falling to 4.8% this year from 5.3% last year, according to the Tax Foundation. In contrast New Jersey’s rates will fall to 9%, but from a higher level of 11.5%. Meanwhile, the business rates in Kansas will go to 6.5% from 7%, Nebraska’s rates will change to 5.84% from 7.25% and Pennsylvania’s to 8.49% from 8.99%.
