Illinois’ Corporate Income Tax Rate Now 2nd Highest in U.S.

A new Tax Foundation study finds Illinois with the second highest corporate tax rate in the country. Some say that signals more struggles ahead for the Land of Lincoln. The nonpartisan Tax Foundation ranked states by their corporate income tax rates as of Jan. 1, 2024. Six states, Texas, Nevada, Washington, Wyoming, South Dakota and Ohio, do not levy a corporate income tax. Of the 44 that do, Illinois’ 9.5% rate put the state at No. 2, up from No. 3 in last year’s report. The top spot in 2024 goes to Minnesota at 9.8%. The state with the lowest rate outside of the states that do not have such taxes is North Carolina at 2.5%. 

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