Corporate tax in the United States
Form of taxation in the United States
Corporate tax in the United States
Corporate tax in the United States is imposed at the federal, most state, and some local levels on the income of entities treated for tax purposes as corporations. Since January 1, 2018, the federal corporate income tax has been a flat 21% under the Tax Cuts and Jobs Act of 2017 (TCJA, P.L. 115-97), signed December 22, 2017, replacing a graduated structure ranging from 15% to 35%. State and local taxes and rules vary by jurisdiction, although many are based on federal concepts and definitions. Forty-four states and the District of Columbia impose a corporate income tax, with top rates in 2026 ranging from 2.0% in North Carolina to 11.5% in New Jersey. The Inflation Reduction Act of 2022 (IRA, P.L. 117-169) added two significant federal corporate-level taxes effective for tax years beginning after December 31, 2022: a 15% corporate alternative minimum tax (CAMT) on the adjusted financial statement income of large corporations, and a 1% excise tax on stock repurchases by publicly traded domestic...
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