Corporations, other than S corporations, pay 7 percent (.07) income tax. Small business corporations (S corporations) who file the federal Form 1120S, U.S. Income Tax Return for an S Corporation, do not pay income tax.
Corporations, including S corporations, also pay replacement tax. Corporations, other than S corporations, pay 2.5 percent (.025) replacement tax. S corporations pay 1.5 percent (.015) replacement tax.
Note: Check the
Tax Rate Database for tax information for prior years.