State Corporate Income Tax Rates and Brackets, 2024
Graduated corporate rates are inequitable—that is, the size of a corporation bears no necessary relation to the income levels of the owners.
7 min readHow does Idaho’s tax code compare? Idaho has a flat 5.8 percent individual income tax rate. Idaho has a 5.8 percent corporate income tax rate. Idaho also has a 6.00 percent state sales tax rate and an average combined state and local sales tax rate of 6.03 percent. Idaho has a 0.47 percent effective property tax rate on owner-occupied housing value.
Idaho does not have an estate tax or inheritance tax. Idaho has a 33 cents per gallon gas tax rate and a $0.57 cigarette excise tax rate. The State of Idaho collects $4,541 in state and local tax collections per capita. Idaho has $3,135 in state and local debt per capita and has an 89 percent funded ratio of public pension plans. Overall, Idaho’s tax system ranks 16th on our 2024 State Business Tax Climate Index.
Each state’s tax code is a multifaceted system with many moving parts, and Idaho is no exception. The first step towards understanding Idaho’s tax code is knowing the basics. How does Idaho collect tax revenue? Click the tabs below to learn more! You can also explore our state tax maps, which are compiled from our annual publication, Facts & Figures 2024: How Does Your State Compare?
Graduated corporate rates are inequitable—that is, the size of a corporation bears no necessary relation to the income levels of the owners.
7 min readThe pandemic has accelerated changes to the way we live and work, making it far easier for people to move—and they have. As states work to maintain their competitive advantage, they should pay attention to where people are moving, and try to understand why.
5 min readAll policy choices involve trade-offs—but occasionally, the ratio of costs and benefits is shockingly lopsided. Adopting a de minimis exemption for tangible personal property (TPP) taxes is just such a policy: one which massively reduces compliance and administrative burdens at trivial cost.
18 min readPeople respond to incentives. As tax rates increase or products are banned from sale, consumers and producers search for ways around these penalties and restrictions.
17 min readContrary to initial expectations, the pandemic years were good for state and local tax collections, and while the surges of 2021 and 2022 have not continued into calendar year 2023, revenues remain robust in most states and well above pre-pandemic levels even after accounting for inflation.
4 min readThe latest IRS and Census data show that people and businesses favor states with low and structurally sound tax systems, which can impact the state’s economic growth and governmental coffers.
7 min readTo alleviate the regressive impact on wireless consumers, states should examine their existing communications tax structures and consider policies that transition their tax systems away from narrowly based wireless taxes and toward broad-based tax sources.
18 min readWhat do The Rolling Stones, NFL star Tyreek Hill, and Maryland millionaires have in common? They all moved because of taxes.
4 min readIn recognition of the fact that there are better and worse ways to raise revenue, our Index focuses on how state tax revenue is raised, not how much. The rankings, therefore, reflect how well states structure their tax systems.
111 min read