Twelve Things to Know About the “Fair Tax for Illinois”

Key Findings

• Illinois Gov. J.B. Pritzker (D) has proposed sweeping changes to Illinois’ tax code, advocating a constitutional amendment to permit a graduated-rate income tax and proposing a new rate and bracket structure.
• In May 2019, the General Assembly passed a joint resolution (SJRCA0001) referring a constitutional amendment to the November ballot that would allow a graduated-rate income tax structure.
• In June 2019, a law was enacted (Public Act 101-0008) establishing new individual and corporate income taxA corporate income tax (CIT) is levied by federal and state governments on business profits. Many companies are not subject to the CIT because they are taxed as pass-through businesses, with income reportable under the individual income tax. rates that would take effect on January 1, 2021, should the proposed constitutional amendment be ratified by voters.
• Under Public Act 101-0008, corporate income would be taxed at 10.49 percent, which would become the second-highest rate in the nation, while pass-through businessA pass-through business is a sole proprietorship, partnership, or S corporation that is not subject to the corporate income tax; instead, this business reports its income on the individual income tax returns of the owners and is taxed at individual income tax rates. income would be taxed at a top rate of 9.49 percent, the sixth-highest such rate nationwide.
• The proposal diverges sharply from ideal—or even typical—income tax structure. It omits inflation indexingInflation indexing refers to automatic cost-of-living adjustments built into tax provisions to keep pace with inflation. Absent these adjustments, income taxes are subject to “bracket creep” and stealth increases on taxpayers, while excise taxes are vulnerable to erosion as taxes expressed in marginal dollars, rather than rates, slowly lose value. (resulting in “bracket creepBracket creep occurs when inflation pushes taxpayers into higher income tax brackets or reduces the value of credits, deductions, and exemptions. Bracket creep results in an increase in income taxes without an increase in real income. Many tax provisions—both at the federal and state level—are adjusted for inflation. ”), creates a marriage penaltyA marriage penalty is when a household’s overall tax bill increases due to a couple marrying and filing taxes jointly. A marriage penalty typically occurs when two individuals with similar incomes marry; this is true for both high- and low-income couples. , and includes a recapture provision which subjects the entirety of a taxpayer’s income to the top marginal rate once they reach that bracket.
• The neighboring states of Indiana, Iowa, Kentucky, and Missouri have all cut income taxes in recent years, while Illinois may be headed in the opposite direction.
• The enacted tax rates are merely a starting point; should voters permit a graduated-rate income tax, there are compelling reasons to believe that rates may climb even higher, and that more taxpayers would be subjected to higher rates.
• Were the proposal implemented, Illinois is projected to decline from 36th to 47th on the State Business Tax Climate Index, which measures tax structure.

Introduction

Heading into Election Day, the Illinois legislature and Governor J.B. Pritzker (D) are trying to convince Illinois voters to scrap a key constitutional feature of Illinois’ tax system: a provision in the state constitution that prohibits a graduated-rate income tax.[1]

In a state where taxes tend to be high, this constitutional provision has been crucial to keeping one tax (the individual income tax) highly competitive, because there are practical and political limits on just how high a rate can go when it is applied uniformly.

The constitutional amendment Gov. Pritzker is championing—the “Illinois Allow for Graduated Income Tax Amendment”—would change all that, and under the rates and brackets that were proactively adopted by the legislature,[2] Illinois would have some of country’s highest income taxes (individual and corporate), particularly on businesses. That’s of particular concern in a state that has struggled to stem the tide of business departures, as the governor himself has noted, but it’s only one of many issues raised by the proposal.

All told, the rates adopted in Senate Bill 687 (Public Act 101-0008) would result in a 10.49 percent combined rate on corporate income, and a 9.49 percent rate on about half the state’s pass-through income, including the “personal property replacement taxes” the state tacks onto rates (discussed later).

It is important to note that the proposed rates and brackets, as enacted, are separate from the actual constitutional amendment on which Illinois residents will vote. The amendment—which was referred to the November ballot with passage of Senate Joint Resolution Constitutional Amendment No. 1 by a supermajority vote in both chambers in May 2019—simply lifts the constitution’s prohibition on a graduated-rate income tax, leaving this and subsequent legislatures to adopt rates of their choosing.

As such, in the spring of 2019, the Illinois General Assembly proactively passed, and Gov. Pritzker signed, S.B. 687, which establishes the tax rates that would take effect on January 1, 2021, should the constitutional amendment be approved by voters this Election Day.

Under this law, the current 4.95 percent flat individual income taxAn individual income tax (or personal income tax) is levied on the wages, salaries, investments, or other forms of income an individual or household earns. The U.S. imposes a progressive income tax where rates increase with income. The Federal Income Tax was established in 1913 with the ratification of the 16th Amendment. Though barely 100 years old, individual income taxes are the largest source of tax revenue in the U.S. would be transformed into a six-rate tax, with rates ranging from 4.75 to 7.99 percent. A recapture provision means that filers with income in the top bracket will have their entire income, not just their marginal income, subject to the top rate of 7.99 percent. Meanwhile, the base corporate rate would increase from 7 to 7.99 percent (10.49 percent counting the personal property replacement tax), in a misguided—and miscalculated—effort to match the new top rate on individual income.

The plan also includes an increase in the value of the property tax credit, from 5 to 6 percent of the taxes paid on one’s primary residence, and a new $100 per child tax credit, which phases out beginning at $40,000 in income ($60,000 for joint filers). The following table shows the rates and brackets that would take effect should the constitutional amendment be ratified by voters.

Table 1. Illinois’ Individual Income Tax Rates, Current and Proposed

Current
Single				Married
4.95%	>	$0		4.95%	>	$0
Proposed
Single				Married
4.75%	>	$0		4.75%	>	$0
4.90%	>	$10,000		4.90%	>	$10,000
4.95%	>	$100,000		4.95%	>	$100,000
7.75%	>	$250,000		7.75%	>	$250,000
7.85%	>	$350,000		7.85%	>	$500,000
7.99%	>	$750,000		7.99%	>	$1,000,000
Note: *For taxpayers who have any taxable income above $750,000 (single filers) or $1 million (joint filers), the proposal includes a recapture provision that subjects all taxable income to the 7.99 percent rate, removing the benefit to those taxpayers of the lower marginal rates. ** Rates shown do not include the additional 1.5 percent Personal Property Replacement Tax (PPRT) paid by partnerships, S corporations, and trusts on the same income base. Source: Public Act 101-0008.

Many things could be said about this proposal, but here are twelve points that should be part of any consideration.

1. The proposal would create some of the highest rates in the country.

When Illinois lawmakers repealed the state’s taxes on tangible personal property forty years ago, they paid for the repeal by creating a second set of taxes on both pass-through and corporate income, confusingly termed “personal property replacement taxes” (PPRTs).[3] The name references the tax they replaced rather than the nature of the taxes themselves, which are nothing more than additional income tax levies of 2.5 percent on corporate income and 1.5 percent on the income of partnerships, S corporations, and trusts, with revenue devoted to local government. The income of pass-through businesses, including partnerships and S corporations, “passes through” to their owners’ individual income tax returns (hence the name). Personal property replacement taxes included, the top rate on partnerships, S corporations, and trusts would be 9.49 percent and the new rate on corporate income would be 10.49 percent.

This would represent the second-highest corporate rate in the country, lower than only New Jersey, whose top corporate income tax rate increased to 11.5 percent effective October 1, 2020, but higher than Iowa, whose top corporate income tax rate will drop from 12 to 9.8 percent effective January 1, 2021.

It also represents the sixth-highest rate on pass-through income nationwide, after California (13.3 percent), Hawaii (11.0 percent), New Jersey (10.75 percent), Oregon (9.9 percent), and Minnesota (9.85 percent). The 7.99 percent rate on nonbusiness income would be the eighth-highest state rate in the country.

2. Illinois’ neighbors are making their tax rates more competitive, not less.

If Illinois were to raise its rates, it would be moving in the opposite direction of its neighbors. Indiana has reduced its top corporate income tax rate from 8 to 5.25 percent and is on track to bring it down to 4.9 percent by 2022, while its individual income tax rate has gone from a flat 3.4 percent to 3.23 percent over five years. Policymakers in Indiana have consciously positioned themselves as a more competitive alternative to Illinois, and they aren’t alone.[4]

In Missouri, a set of bills in 2018 reduced the state’s corporate and individual income tax rates. The individual income tax rate reduced from 5.9 to 5.4 percent in January 2019, and, subject to revenue availability, that rate is set to continue phasing down to 5.1 percent. Similarly, the corporate rate was reduced from 6.5 to 4 percent, effective January 2020.[5] Meanwhile in Iowa, a package of reforms adopted in 2018 will ultimately bring the top individual income tax rate to 6.5 percent (from 8.98 percent), and the top corporate income tax rate will drop from 12 percent to 9.8 percent on January 1, 2021.[6] In addition, Kentucky recently replaced its graduated-rate individual and corporate income taxes with single-rate taxes of 5 percent.[7] Even in Minnesota, legislators adopted individual income tax cuts to offset additional revenue from tax conformity.[8] In short, Illinois would be raising its tax rates at a time when its neighbors are headed in the opposite direction.

3. These higher taxes would have a significant impact on Illinois businesses.

While $1 million is undoubtedly a lot of money, over half of all pass-through business income is reported on returns with more than $1 million in business income alone (to say nothing of other income sources), and almost 72 percent comes from returns of $500,000 or higher. Under S.B. 687, taxes would be higher on all income above $250,000—which accounts for the overwhelming majority of net business income from pass-throughs in Illinois. While the Internal Revenue Service does not maintain data using a $250,000 inflection point, we know that more than 93 percent of all pass-through income is on returns claiming more than $200,000 in pass-through income[9] (see table below).

In other words, while those paying these higher taxes may be well-to-do, the proposal represents a significant new tax on Illinois employers. While not all pass-through businesses are small businesses, it’s worth noting that small businesses are responsible for 45.1 percent of Illinois employment.[10] In a state already suffering from an outmigration of businesses and high earners, a tax increase of this size could do real damage.

Table 2. Pass-Through Businesses by AGI Range

Note: In aggregate, businesses with less than $25,000 in AGI post negative income. Sources: IRS Statistics of Income; Tax Foundation calculations.
	Number of Businesses		Adjusted Gross Income
AGI Range	Amount	% of Total	Amount	% of Total
$0 – $24,999	54,050	13.9%	($1,891,760)	(7.6%)
$25,000 – $99,999	130,200	33.4%	$1,384,107	5.6%
$100,000 – $199,999	98,230	25.2%	$2,215,954	8.9%
$200,000 – $499,999	71,000	18.2%	$5,289,485	21.2%
$500,000 – $999,999	21,720	5.6%	$5,064,312	20.3%
$1,000,000 +	14,870	3.8%	$12,845,328	51.6%

Illinois ranked 46th in the nation in private sector job growth in 2018.[11] Policymakers should be exceedingly careful about adopting policies that make it harder to do business in the state.

4. The cost of high rates has never been higher.

With the new $10,000 cap on the state and local tax (SALT) deduction, high earners in high tax states no longer receive a generous federal tax subsidy to offset their state and local tax liability. Under the old law, where state income taxes were deductible on federal returns, a rate of 9.49 percent (on pass-through business income) or 7.99 percent (on other income) would reduce federal tax liability to the point that net amount paid on the marginal dollar of income was really 5.73 or 4.83 percent respectively. Under the new law, high earners no longer have the dubious luxury of enjoying the benefits of a high service state while exporting a significant share of their tax burden to non-itemizers or taxpayers in other states. That represents good policy, but it also means that all Illinois taxpayers will feel the brunt of any substantial rate increase, with all that entails. Such high rates could accelerate migration out of Illinois, which is already a major concern.

It’s a concern, in fact, that the governor acknowledged in a news conference, albeit in an effort to dispute it. “Now, there are those who want to scare people by claiming that this proposal will cause residents and businesses to flee Illinois,” said Pritzker. “They couldn’t be more wrong. They ignore the fact that people and businesses are fleeing our state now under our current regressive taxA regressive tax is one where the average tax burden decreases with income. Low-income taxpayers pay a disproportionate share of the tax burden, while middle- and high-income taxpayers shoulder a relatively small tax burden. system, yet states with fair tax systems on average grow faster and create more jobs than Illinois.”[12]

This is a curious statement. Individuals and businesses are already fleeing Illinois. Higher taxes aren’t going to turn things around, especially if the tax increase does nothing to address Illinois’ unpaid bills, pension debt, or other fiscal challenges.

5. Business rate parity makes little sense.

There is no real reason why corporate and individual income tax rates should be aligned absent a much broader, structural integration of business entity types, since they are not meaningfully comparable. While many small businesses pay through the individual income tax because they are organized as pass-through entities, traditional C corporations are double-taxed, paying taxes at both the entity level and again at the ownership level, so an attempt to keep the corporate rate aligned with the top individual rate only exacerbates an existing disparity. The PPRT on corporate income, moreover, is one percentage point higher than the PPRT on pass-through income, leading to a higher combined rate on corporate (10.49 percent) than pass-through (9.49 percent) income under the proposal. Furthermore, under the new law, the corporate rate would remain flat— albeit at a much higher rate—so this does not, in fact, represent a true attempt to align the rates.

6. The new rates include a highly unusual “recapture” provision.

Tax rates are typically marginal, which is to say that they are imposed on marginal income. For instance, under S.B. 687, the first $10,000 in taxable incomeTaxable income is the amount of income subject to tax, after deductions and exemptions. For both individuals and corporations, taxable income differs from—and is less than—gross income. would be taxed at a rate of 4.75 percent, and someone earning $11,000 would only pay the higher rate of 4.9 percent on the additional $1,000, not the whole $11,000. Under S.B. 687, however, once income reaches $750,000 (single filers) or $1 million (joint filers), that taxpayer’s entire income would be taxed at the proposed 7.99 percent rate.

In other words, the entire benefit of the lower rates on income below $750,000 or $1 million (worth $8,465 and $8,965, respectively) disappears for filers with income above that threshold, and their top marginal rate is converted into a flat rate of 7.99 percent.

This is highly unusual. Similar rate recapture provisions exist in only two other states: Connecticut and New York. Additionally, Arkansas has different tax schedules for different income classes, such that people with higher incomes still face a graduated rate schedule, but a different schedule than one that a middle- or low-income filer would face. Under the federal income tax, and the income tax rate schedules as they exist in all other states, rates are imposed on marginal income, with no recapture provision.

This creates a significant tax cliff, where a person making $1 million pays $70,935 in taxes, while someone earning one dollar more pays $79,900, a difference of $8,965 on a single dollar of income.

7. The proposal creates a significant marriage penalty.

A marriage penalty exists whenever two earners owe more tax filing jointly than they would if they filed separately. The penalty can emerge when any part of the tax code—brackets, deductions, or exemptions—does not increase for joint filers, but bracket widths under a graduated-rate income tax are particularly important. Many states double their bracket widths for married couples to avoid the penalty, but the Illinois proposal envisions brackets for joint filers that differ only slightly from those that apply to single filers.

Imagine a two-earner household where both partners make $100,000 in taxable income. If taxed separately under the proposed rates, they would both owe $4,885, for a combined tax bill of $9,770— each having their first $10,000 taxed at 4.75 percent and their next $90,000 at 4.9 percent. But as a married couple filing jointly, the first dollar of the second earner’s income is taxed at 4.95 percent (the rate for income above $100,000). They would face a marriage penalty, small in their case, but much larger as earners get into higher brackets.

One might be tempted to say that we need not be concerned about a modest marriage penalty on dual-income professionals, or a higher penalty on wealthier taxpayers, but bad policy like this is not easily reversed, and there is no guarantee that the rate structure will remain the same forever. If a marriage penalty is accepted from the outset, it may hit far more families down the road, the next time Illinois faces a revenue shortfall.

8. Tax burdens will rise due to “bracket creep.”

Within a graduated rate structure, inflation can impose a hidden tax, increasing the taxpayer’s liability as a greater share of their income is taxed even if that income has not increased in real terms, since bracket kick-in thresholds are fixed. To avoid this “bracket creep,” most states with graduated-rate structures index bracket widths and other features of the income tax to inflationInflation is when the general price of goods and services increases across the economy, reducing the purchasing power of a currency and the value of certain assets. The same paycheck covers less goods, services, and bills. It is sometimes referred to as a “hidden tax,” as it leaves taxpayers less well-off due to higher costs and “bracket creep,” while increasing the government’s spending power. . Under the rate structure set forth in S.B. 687, the marginal income levels are not indexed for inflation, meaning that over time, taxpayers will pay an increasing amount of taxes as a percentage of income—even if their income has not increased in real terms.

9. There is no guarantee that rates will not rise in the future.

The rate structure set forth in Public Act 101-0008 is only a starting point. If voters grant approval for a graduated-rate income tax, nothing prevents the legislature from adopting higher taxes than those proposed now, or a future legislature from raising rates. Even under a single-rate tax, rates have risen twice in the past decade (from 3 percent to the current 4.95 percent rate), and a graduated-rate income tax would make future rate increases much easier. The governor implicitly acknowledged this when he dismissed the alternative of a 5.95 percent flat taxAn income tax is referred to as a “flat tax” when all taxable income is subject to the same tax rate, regardless of income level or assets. .[13] When most or all taxpayers share in a tax increase, there is substantial political pressure to balance revenue needs with tax competitiveness. The ability to single out select taxpayers for higher rates—which will also fall on many small businesses—would make future tax increases easier in a state where lawmakers have already demonstrated a willingness to countenance unusually high rates.

Even higher taxes (as high as 11.25 percent on small businesses) have been contemplated in Illinois in recent years, as part of prior graduated-rate income tax proposals. Such rates would be unthinkable in a single-rate system but could easily reemerge if the single-rate requirement is repealed.

10. The numbers do not add up.

This proposal is estimated to increase revenues by roughly $3.6 billion per year starting in 2021.[14] That figure was originally closely aligned with the structural deficit as estimated by the governor’s office in 2019. Gov. Pritzker presented the tax increase as the alternative to significant cuts for that tax year, even though it was set to end—and since has—before any new taxes could go into effect. Between the state’s tradition of not paying its bills (unpaid bills currently stand at $7.3 billion) and the effects of the COVID-19 pandemic, the looming gap between revenues and collections is now higher still.

That is not an argument for doing nothing, but it does mean that other steps would have to be taken as well, and it also means that all of the new revenue—and then some—would presumably pay for existing government programs. The governor campaigned on increasing school funding, improving infrastructure, expanding social services, and reducing pension debt, and none of those things would be covered by the proposed tax increases. That may be a compelling reason to believe that these rates, as high as they are, will not be the last increases should voters approve a graduated-rate income tax. If that is the case, however, eventually rates will have to rise on middle class families, as there is only so much additional revenue at the top. The rate schedule in S.B. 687 avoids a tax increase for most of these filers, but how long will that last?

11. The proposal eliminates the best feature of Illinois’ tax code.

The state’s relatively low single-rate individual income tax has historically been one of the few saving graces in a state with otherwise high and economically inefficient taxes. High taxes on income are generally among the least desirable taxes because they discourage wealth creation. A comprehensive review of international econometric tax studies found that individual income taxes are among the most detrimental to economic growth, outstripped only by corporate income taxes. The literature on graduated-rate income taxes is particularly unfavorable, with substantial evidence that higher marginal tax rates reduce gross state product growth even after adjusting for overall state tax burdens.[15]

Plenty of states with graduated-rate income taxes have better tax codes than Illinois overall, but Illinois policymakers have shown little ability to keep taxes or spending in check, and tax burdens are high throughout the rest of the system. Illinois has the 11th highest state and local tax collections per capita, at $5,764,[16] despite a relatively competitive, flat income tax. Absent the existing constitutional constraints, Illinoisans have every reason to fear that their income tax burdens will continue to rise. A child tax creditA tax credit is a provision that reduces a taxpayer’s final tax bill, dollar-for-dollar. A tax credit differs from deductions and exemptions, which reduce taxable income, rather than the taxpayer’s tax bill directly. , or an expansion of the property taxA property tax is primarily levied on immovable property like land and buildings, as well as on tangible personal property that is movable, like vehicles and equipment. Property taxes are the single largest source of state and local revenue in the U.S. and help fund schools, roads, police, and other services. credit that provides less than $50 in tax relief for the median homeowner, may come to seem like a very small inducement for the income tax burdens to come.

12. Illinois’ business competitiveness will decline.

Every year, the Tax Foundation publishes an updated edition of the State Business Tax Climate Index, a measure of state tax structure. Illinois ranks 36th overall on the forthcoming 2021 edition, with its competitive income tax balancing out poor tax structure elsewhere.[17] If, however, the state were to adopt the graduated rate structure under S.B. 687, with top rates of 9.49 percent on pass-through income and 10.49 percent on corporate income, while creating a marriage penalty and forgoing inflation indexing, the state’s overall rank would plummet from 36th to 47th, ahead of only New Jersey, California, and New York.

Table 3. Current and Projected Index Rankings

	Current	Projected
Overall	36	47
Corporate	36	39
Individual	13	40
Sales	38	38
Property	48	48
U.I.	43	43
Source: Tax Foundation calculations.

States should care about their Index ranking because it is measuring something real and economically meaningful—the competitiveness, or lack thereof, of the state’s overall tax structure. Were the proposed graduated-rate income tax adopted, Illinois would trail its peers in just about every aspect of its tax code. If businesses and individuals are leaving the state now, these policies can only make the problem worse.

[1] Ill. Const. art. ix, § 3, cl. a

[2] Office of the Governor of Illinois, “Fair Tax for Illinois,” presentation, March 7, 2019, https://drive.google.com/file/d/14cV8N3i8krcYnspkpoybbf1xgvat4G EA/view.

[3] Illinois Department of Revenue, “What Are Replacement Taxes?,” https://www2.illinois.gov/rev/localgovernments/Pages/replacement.aspx.

[4] Nicole Kaeding and Jeremy Horpedahl, “Help from Our Friends: What States Can Learn from Tax Reform Experiences Across the Country,” Tax Foundation, May 15, 2018, https://taxfoundation.org/state-tax-reform-lessons-2018/.

[5] Heather Beckwith, “Missouri Cuts Corporate and Individual Income Tax Rates – and More,” Tax Strategies, Aug. 17, 2018, https://www.claconnect.com/resources/articles/2018/missouri-cuts-corporate-and-individual-income-tax-rates-and-more.

[6] Jared Walczak, “What’s in the Iowa Tax Reform Package,” May 9, 2018, https://taxfoundation.org/whats-iowa-tax-reform-package/.

[7] Morgan Scarboro, “Kentucky Legislature Overrides Governor’s Veto to Pass Tax Reform Package,” Tax Foundation, April 16, 2018, https://taxfoundation.org/kentucky-tax-reform-package/.

[8] Jared Walczak, “Minnesota Policymakers Strike Tax Conformity Deal,” Tax Foundation, June 11, 2019, https://taxfoundation.org/minnesota-tax-conformity/.

[9] Internal Revenue Service, “Individual Income and Tax Data, by State and Size of Adjusted Gross IncomeFor individuals, gross income is the total pre-tax earnings from wages, tips, investments, interest, and other forms of income and is also referred to as “gross pay.” For businesses, gross income is total revenue minus cost of goods sold and is also known as “gross profit” or “gross margin.” ,” Statistics of Income, Tax Year 2016, https://www.irs.gov/statistics/soi-tax-stats-historic-table-2.

[10] U.S. Small Business Administration, “2019 Small Business Profile: Illinois,” 2019, https://cdn.advocacy.sba.gov/wp-content/uploads/2019/04/23142647/2019-Small-Business-Profiles-IL.pdf.

[11] Orphe Divounguy and Bryce Hill, “Illinois Ranks 46 out of 50 States in Private Sector Jobs Growth,” Illinois Policy Institute, Jan. 23, 2019, https://www.illinoispolicy.org/illinois-ranks-46-out-of-50-states-in-private-sector-jobs-growth/.

[12] Office of the Governor of Illinois, “Gov. Pritzker Unveils Fair Tax Plan with 97 Percent of Taxpayers Getting Tax Relief,” March 7, 2019, https://www2.illinois.gov/Pages/news-item.aspx?ReleaseID=19772.

[13] Office of the Governor of Illinois, “Gov. Pritzker Unveils Fair Tax Plan with 97 Percent of Taxpayers Getting Tax Relief.”

[14] “Illinois Governor Looks to Income Tax change to Boost Fiscal Year 2021 Revenue,” Reuters, Feb. 19, 2020, https://www.reuters.com/article/us-illinois-budget/illinois-governor-looks-to-income-tax-change-to-boost-fiscal-year-2021-revenue-idUSKBN20D2NF.

[15] William McBride, “What is the Evidence on Taxes and Growth?,” Tax Foundation, Dec. 18, 2012, https://taxfoundation.org/what-evidence-taxes-and-growth/.

[16] U.S. Census Bureau, “Annual Survey of State and Local Government Finances,” 2017 Tables, https://www.census.gov/programs-surveys/gov-finances.html; Tax Foundation calculations.

[17] Jared Walczak and Janelle Cammenga, 2021 State Business Tax Climate Index, forthcoming October 2020, https://taxfoundation.org/publications/state-business-tax-climate-index/.

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