Home > Washington Tax Revenue - T41 - Corporation net income taxes - Q3 2011
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Code: T41 Corporation Net Income Taxes Definition: Taxes on corporations and unincorporated businesses (when taxed separately from individual income), measured by net income, whether on corporations in general or on specific kinds of corporations, such as financial institutions. Excludes: Income taxes on gross income or receipts of corporations (report at Sales and Gross Receipts Taxes, codes T09 - T19) and combined corporation and individual income taxes not separable by type in older, historical data (report at Individual Income Taxes, code T40). Examples: State governments - Michigan's VAT tax (Single Business Tax) is classified here. Special Consideration: Although such taxes may be called "license" or "franchise taxes," they are classified here if measured by net income. Category: Income Taxes Category Description: Taxes levied on the gross income of individuals or on the net income of corporations and businesses (i.e., after allowable deductions). Deduct refunds of taxes from gross collections even if they were recorded as tax revenue in a previous fiscal year. Source: U.S. Census Bureau Note: Not all states report all tax types. If the amount is zero for all time, then it is likely that the state does not report or collect the chosen tax type. |
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