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Companies in Limbo as States Adjust Taxes to Federal Overhaul

Source: wsj.com - Jun 13, 2018

Businesses across the U.S. are paying more attention to state taxes, which have become a larger share of their total tax liability. While the federal corporate tax rate fell to 21% from 35% under last year’s federal tax overhaul, state tax rates remained unchanged. Many states are expected to lower their corporate tax rates, in line with the federal reduction, as a way to project a business-friendly environment.

But it isn’t always easy. Minnesota state lawmakers and their governor ended a legislative session last month in a stalemate, unable to agree on a bill that updates the state tax code to reflect the federal overhaul.

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Category: General Business