state corporate income tax

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tomaaasu

• January 06, 2012 01:53

Would state corporate income tax be estimated as the "Other Taxes" category of indirect business taxes? (note, this is not referring to individual income tax)

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  DougO

  • January 06, 2012 02:00

  No corporate tax is not part of IBT. Year end taxes based on income (or flat corporate charter) come out of profits (other property income). The distribution by Corporations column to the State/Local Corporate Profits row includes your state corporate income tax.

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  tomaaasu

  • January 06, 2012 02:33

  Thank you. I see it. That row has $0 in Corporate distribution column and it ended up suppressed in what I received from my assistant.

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  DougO

  • January 06, 2012 03:08

  There was a problem with the initial release Nov, 2010 release of the 2009 data regarding state and local taxes. It was fixed in Dec, 2010, so if your state has corporate taxes and your impact is large enough to cause them, then that may be the problem. If you are using 2009 data, simply re-download your order and give it a try. (note, for some reason you would need to call the office to get a new copy of the 2009 States package [all 51 states and the US file]).

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