Steady Pursuit of More Corporate Tax Cuts Ripples Across States

States of all political and demographic stripes continue to embrace cutting corporate tax rates, and so far there’s been enough money to cover the upfront costs.

States still reaping big budget surpluses from a variety of sources—rising corporate profits, robust sales taxes, and unspent federal pandemic aid—have continued to use this leeway for more tax cuts. Six states started this year with lowered corporate income tax rates, including gradual plans rolling out in Iowa, Pennsylvania, and Nebraska. Idaho and New Hampshire also have freshly minted lower rates. Meanwhile, Arkansas quickly enacted its second rate cut for the year, led by ...