Tax News Update    Email this document    Print this document  

February 16, 2024

Total state and local business taxes | State-by-state estimates for FY22 (December 2023)

The 21st annual state and local business tax report prepared by Ernst & Young LLP in conjunction with the Council On State Taxation (COST) and the State Tax Research Institute (STRI) is now available. The report presents detailed state-by-state estimates of state and local taxes paid by businesses. The estimates presented in this report are for fiscal year 2022 (FY22), which ran from July 2021 through June 2022 for most states.  Businesses paid $1,074.5 billion in state and local taxes in FY22, which was 44.6% of all tax revenue at the state and local level. Key findings of the report include: (1) business property tax collections grew by 7.7% in FY22 to $373.1 billion; (2) sales tax on business purchases of intermediate inputs and capital expenditures accounted for 20.9% of all taxes paid by businesses in FY22; (3) corporate income tax collections grew 26.7% in FY22 to $141.4 billion; and (4) individual income taxes paid on pass-through income were the fourth-largest business tax at 7.6% of total state and local business tax collections. The full report, with all its findings, is attached below.

* * * * * * * * * *


State-by-state estimates for FY22

* * * * * * * * * *
Contact Information

For additional information concerning this Alert, please contact: