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Monday, December 23, 2024

Kentucky ranks 23rd in the U.S. for the most corporations net income taxes paid in 2020

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In 2020, Kentucky collected $639.2 million in corporations net income taxes, ranking it 23rd in the United States, according to the U.S. Census Bureau's Annual Survey of State Government Tax Collections (STC).

The STC survey includes five broad tax categories and up to 25 subcategories. Data is gathered from all 50 state governments and all dependent state-level entities.

The Census Bureau cautions it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Below is a breakdown of how taxes were classified by the bureau and how much was collected.

U.S. corporations net income taxes by State in 2020
RankStateAmount
1California$9,817,957,000
2New York$4,824,289,000
3New Jersey$3,565,191,000
4Illinois$3,491,688,000
5Massachusetts$2,532,411,000
6Pennsylvania$2,510,056,000
7Florida$2,481,710,000
8Connecticut$2,062,263,000
9Minnesota$1,604,450,000
10Tennessee$1,504,881,000
11Wisconsin$1,441,416,000
12Virginia$1,362,172,000
13Maryland$1,325,456,000
14Georgia$984,087,000
15Oregon$892,484,000
16Michigan$812,842,000
17New Hampshire$780,672,000
18Indiana$756,866,000
19Alabama$754,272,000
20District of Columbia$727,697,000
21Colorado$696,612,000
22North Carolina$662,343,000
23Kentucky$639,200,000
24Iowa$620,486,000
25Arizona$523,062,000
26South Carolina$505,025,000
27Arkansas$469,029,000
28Louisiana$450,449,000
29Kansas$433,931,000
30Mississippi$421,425,000
31Nebraska$391,164,000
32Missouri$364,460,000
33Utah$360,203,000
34Oklahoma$301,574,000
35Idaho$245,969,000
36Delaware$244,913,000
37Maine$216,131,000
38Rhode Island$213,303,000
39Montana$186,297,000
40Alaska$162,611,000
41West Virginia$151,989,000
42Vermont$141,623,000
43New Mexico$95,556,000
44North Dakota$81,490,000
45Hawaii$43,679,000
46South Dakota$37,459,000
47Ohio$3,683,000
Source: U.S. Census Bureau

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