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Corporate Tax and Sales Tax History

Gross Income Tax (general corporations)

TimeframeHigh RateLow Rate
05/1933 – 06/1963 1.00 % .2500%
07/1963 – 03/1973 2.00% .5000%
04/1973 – 12/1973 1.90% .4750%
1974 1.80% .4500%
1975 1.70% .4250%
1976 1.60% .4000%
1977 1.55% .3875%
1978 1.50% .3750%
1979 1.45% .3623%
1980 1.40% .3500%
1981 1.35% .3375%
1982 – 1984 1.30% .3250%
1985 1.25% .3125%
1986 – 2002 1.20% .3000%
2003 0% 0% (repealed Jan. 1, 2003)

Adjusted Gross Income Tax (general corporations, non–financial Institutions)

TimeframeRate
07/1963  –  19722.0%
1973 – 1986 3.0%
1987 3.2% (3.4% effective rate July 1, 1987)
07/1987 – 2002 3.4%
2003 – June 30, 2012 8.5%
July 1, 2012 – June 30, 2013 8%
July 1, 2013 – June 30, 2014 7.5%
July 1, 2014 – June 30, 2015 7%
July 1, 2015 – June 30, 2016 6.5%
July 1, 2016 – June 30, 2017 6.25%
July 1, 2017 – June 30, 2018 6.0%
July 1, 2018 – June 30, 2019 5.75%
July 1, 2019 – June 30, 2020 5.5%
July 1, 2020 – June 30, 2021 5.25%
July 1, 2021 – 4.9%

Supplemental Net Income Tax (all corporations, financial institutions until 1989)

TimeframeRate
1973 – 1974 2.0%
1975 – 1976 2.5%
1977 – 1980 3.0%
1982 – 1986 4.0%
1987 – 2002 4.5%
2003 0% (repealed 01–01–2003)

Financial Institutions Tax (replaced former bank taxes)

TimeframeRate
1990 – 2013 8.5%
January 1, 2014 – December 31, 2014 8.0%
January 1, 2015 – December 31, 2015 7.5%
January 1, 2016 – December 31, 2016 7.0%
January 1, 2017 – December 31, 2017 6.5%
January 1, 2018 – December 31, 2018 6.5%
January 1, 2019 – December 31, 2019 6.25%
January 1, 2020 – December 31, 2020 6.0%
January 1, 2021 – December 31, 2021 5.5%
January 1, 2022 – December 31, 2022 5.0%
January 1, 2023 and on 4.9%

Utility Receipts Tax (retail sales of utility services)

TimeframeRate
2003 – Present 1.4%

Utility Service Use Tax (use tax sales of utility services)

TimeframeRate
2006 – Present 1.4%

Sales Tax Rate History

Effective DateRate
April 1, 2008 thru present 7%
Dec. 1, 2002 thru March 31, 2008 6%
Jan. 1, 1983 5%
May 1, 1973 4%
Oct. 24, 1963* 2%

*Sales tax first adopted.

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