Stevens & Associates

Property Taxes Account for Lion’s Share of Business Tax Revenues by Wide Margin

Taxes on real, personal, and utility property owned by businesses accounted for the largest share of state and local business tax receipts by a wide margin, according to an August 2014 study released by the Council on State Taxation (COST) and Ernst & Young (EY).

The study provides estimates of the state and local taxes paid by businesses from July 2012 to June 2013, including business property, sales and excise, corporate income, and business and corporate license taxes.

In FY 2013 businesses paid just over $242 billion in property taxes, up from the approximately $233 billion paid in 2012. This $242 billion in business property taxes made up over 36 percent of the $670 billion in total state and local business taxes, for an increase of 3.7 percent from the prior year.

Read the full article in Bloomberg