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date: 10 December 2019

Abstract and Keywords

This article reports that some states have responded by complementing the corporate income tax (CIT) with “business activity” or “entity” taxation—that is, a general business tax based on gross receipts (GRT) or on state value-added taxes (VAT). At present, ten states have some form of broad-based tax on gross receipts or a “hybrid” value-added base, with three of the ten relying on an entity approach such as an alternative minimum tax. The article begins with an introduction to the variants of state general business taxes, noting that the range of choices can be thought of as a continuum, with the options distinguished primarily by the deductions allowed at arriving at the taxable base. On one end of the continuum of equal-revenue yield taxation is the narrowly based CIT. On the other end is the pure GRT, or “turnover,” tax that disallows any deductions from gross receipts.

Keywords: gross receipts, business enterprises, value-added taxes, tax choices, broad-based tax, corporate income tax, entity taxation

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