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State-by-state examination of the total amount of state and local taxes paid in FY19 by businesses as outlined in the 18th annual report.
Businesses paid more than $833 billion in state and local taxes in FY19, an increase of 5.7% from FY18. State business taxes increased by 6.3%, and local business taxes grew by 5.2%. In FY19, business tax revenue accounted for approximately 44.0% of all state and local tax revenue.
The state and local business tax estimates presented in this study reflect tax collections from July 2018 through June 2019 in most states. As such, this report provides estimates of state and local business taxes prior to the start of the COVID-19 pandemic, which has created serious disruptions in revenue for state and local governments. Impacts of COVID-19 on tax collections vary by state, but most states estimate a 5–10% decrease in state tax revenues in FY20 as a result of the pandemic. Next year’s study, which will report FY20 state and local business taxes, will reflect the initial impacts of the COVID-19 pandemic on state and local business taxes.
Summary
Businesses paid more than $833 billion in state and local taxes in FY19, representing a 5.7% increase from the previous year.
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