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Capital Stock Tax (Franchise Tax)

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NC budget North Carolina tax reform proposals in the NC budget taxes 2023

North Carolina’s Budget Should Prioritize Pro-Growth Structural Reforms

As fiscal year 2023 draws to a close, North Carolina’s House and Senate have each passed their own versions of the biennial budget for fiscal years 2024-25. While legislative leaders have generally agreed to overall spending levels, negotiations remain ongoing to resolve different approaches to tax policy.

Oklahoma franchise tax repeal and Oklahoma marriage penalty repeal 2023

Oklahoma Adopts Franchise Tax Repeal, Eliminates Marriage Penalty

In the closing days of the 2023 legislative session, Oklahoma lawmakers repealed the state’s corporate franchise tax and eliminated the marriage penalty in its individual income tax. Both tax changes represent a positive step forward for the state.

Mississippi business tax reform Mississippi capital improvement plan full expensing Governor Tate Reeves

Mississippi’s Capital Improvement Plan Leads in the South and Nationwide

A recently enacted bill in Mississippi made the Magnolia State only the second state in the country to make full expensing permanent. The bill joins reductions to the individual income tax and capital stock tax rates, already in progress, as model, pro-growth reforms for the region.

PA corporate tax cut Pennsylvania corporate tax cut PA business tax cut Pennsylvania corporate net income tax

Pennsylvania Cuts Corporate Net Income Tax Rate

Policymakers from both parties in Harrisburg have proposed reducing Pennsylvania’s 9.99 percent corporate net income tax (CNIT) rate but could not agree on an approach—until now. With the enactment of HB 1342 lawmakers finally succeeded in cutting what had been the second highest state corporate tax rate in the nation.

section 179 expensing state tax conformity section 168 Oklahoma State Capital Building

Oklahoma Should Prioritize Pro-Growth Relief, Not Gimmicky Rebate Checks

If Sooner State policymakers want to use a portion of their higher revenues to make the economy work better for all Oklahomans, they should consider repealing the franchise tax, trimming the income tax, or both—paired, if desired, with targeted aid to those in the greatest need—not writing a single round of gimmicky checks.

Louisiana Voters Have Chance to Simplify Taxes and Lower Burdens

Passage of Louisiana Amendments 1 and 2, which are aimed at the sales tax and individual and corporate income taxes, respectively, would substantially simplify the Pelican State’s tax code and provide tax relief in both the short and long term.