Tangible Personal Property De Minimis Exemptions by State, 2024
Does your state have a small business exemption for machinery and equipment?
3 min readHow does Wisconsin’s tax code compare? Wisconsin has a graduated individual income tax, with rates ranging from 3.54 percent to 7.65 percent. Wisconsin also has a flat 7.90 percent corporate income tax rate. Wisconsin has a 5.00 percent state sales tax rate, a max local sales tax rate of 2.90 percent, and an average combined state and local sales tax rate of 5.696 percent. Wisconsin’s tax system ranks 24th overall on our 2024 State Business Tax Climate Index.
Each state’s tax code is a multifaceted system with many moving parts, and Wisconsin is no exception. The first step towards understanding Wisconsin’s tax code is knowing the basics. How does Wisconsin 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: How Does Your State Compare?
Does your state have a small business exemption for machinery and equipment?
3 min readIndividual income taxes are a major source of state government revenue, accounting for more than a third of state tax collections. How do income taxes compare in your state?
8 min readIn 2021 and 2022 alone, more states enacted laws converting graduated-rate individual income tax structures into single-rate income tax structures than did so in the whole 108-year history of state income taxation up until that point.
10 min readWorking from home is great. The tax complications? Not so much.
4 min readRetail sales taxes are an essential part of most states’ revenue toolkits, responsible for 32 percent of state tax collections and 13 percent of local tax collections (24 percent of combined collections).
9 min readGraduated 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 readThirty-four states will ring in the new year with notable tax changes, including 15 states cutting individual or corporate income taxes (and some cutting both).
17 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 read