In an earlier post, I summarized the effective State and Local Corporate Income Tax Rates Paid by the 370 Most Profitable US Big Corps, which generated Core Pretax Income in excess of $5 bil each for the most recent 12 years. Core Pretax Income is exclusive of large Asset Impairment Charges, like ones resulting from the Ceiling Test for Oil and Gas companies, and from Goodwill Impairment for companies in all industries, and is also exclusive of large Acquired In-Process R&D Charges.
Now I am turning my attention to the effective tax rates for the Medium-sized Corps, which earn just below that of the most profitable, very Big top 370 firms. Thus, I will now be researching here Medium-sized Corps, which I am defining as publicly-held US Corps which generated at least $2 bil in Total Core Pretax Income in the most recent 6 years, and which are not already included in the top 370 very Big Corps.
I earlier addressed these Medium-sized Corps in the US Big Three States….New York, California and Texas…..,in the 8 Midwest US States, and also in the 11 Northeast US States.
This new research focuses on the 12 Southeast US States. Here’s a brief summary of my earlier research results for the very Big Corps in these 12 Southeast US States.
...............................Most Recent Twelve Years................Current
.......................#....State&Local.......................Effective..Statutory
......................of......Corporate........Core......State&Local...State
......................Big......Income.........Pretax......Tax Rate......Tax
.....State........Corps...Tax Paid.......Income........Paid..........Rate
...................................(Millions of Dollars)
North Carolina.13.....12,355........395,255.......3.13%.......6.90%
Georgia............10......8,543........323,370.......2.64%.......6.00%
Arkansas...........4.......5,896........208,554.......2.83%.......6.50%
Virginia.............9.......3,422........132,009.......2.59%.......6.00%
Florida..............7.......1,670..........81,018.......2.06%.......5.50%
Tennessee..........5........1,911..........61,981.......3.08%.......6.50%
Kentucky...........5..........733..........34,562.......2.12%.......6.00%
Louisiana...........3..........413..........30,142.......1.37%.......6.00%
Alabama............3..........496..........21,876.......2.27%.......6.50%
South Carolina...1............73............5,082.......1.44%.......5.00%
Mississippi.........0
West Virginia.....0
Total................60.....35,512.....1,293,849.......2.74%
Below here is a State Summary of my new research for the Medium-sized Corps, with Core Pretax Income (PTI) above $1.7 bil for the most recent 6 years, in these 12 Southeast US States. I lowered the income threshold here from $2 bil to $1.7 bil, since I found a handful of Florida corps with Core Pretax Income just below $2 bil.
...................................Most Recent Six Years
........................# of......State&Local......(PTI).........Effective
......................Medium...Corporate........Core......State&Local
.........................Size........Income.........Pretax.......Tax Rate
....State...........Corps......Tax Paid.......Income..........Paid
........................................(Millions of Dollars)
Florida...............10...........750...........21,662..........3.46%
Georgia................5............202..........12,800..........1.58%
Virginia................4..............71............9,659..........0.74%
Tennessee............4.............191............9,057..........2.11%
Alabama..............3.............176............6,802..........2.59%
Arkansas.............2..............111............3,880..........2.86%
North Carolina.....1.............100............2,438..........4.10%
Louisiana.............1................2.............2,061..........0.10%
Kentucky.............1...............35............1,798..........1.95%
Mississippi...........0
South Carolina.....0
West Virginia.......0
Total..................31..........1,638..........70,157.........2.33%
And below here are the individual 31 Medium-sized Corps in each of these 12 Southeast US States:
........................................Most Recent Six Years
.......................................State&Local....(PTI).........Effective
.......................................Corporate........Core......State&Local
..........State.......................Income.........Pretax......Tax Rate
.......Corporations.............Tax Paid.......Income........Paid
...........................................(Millions of Dollars)
Florida
Harris Corp................................91..........3,333..........2.73%
Darden Restaurants..................144.........3,053..........4.72%
Health Management Associates..77.........2,155..........3.57%
Ryder System.............................40.........2,036..........1.96%
Raymond James Financial..........91..........1,978..........4.60%
Lender Processing Services........91..........1,880..........4.84%
Fidelity National Info Services...91..........1,856..........4.90%
TECO Energy..............................38..........1,835..........2.07%
Roper Industries........................37..........1,794..........2.06%
Office Depot................................50..........1,742..........2.87%
FL Total for all 10.....................750........21,662..........3.46%
Georgia
Invesco, Ltd***(2005-09)........33..........3,775..........0.87%
Mohawk Industries....................64..........2,664..........2.40%
Equifax......................................52..........2,392..........2.17%
AGL Resources..........................48..........2,015..........2.38%
Total System Services..................5..........1,954..........0.26%
GA Total for all 5......................202........12,800..........1.58%
Virginia
Computer Sciences(07-09)..(134)****...2,927........(4.58)%
NII Holdings..............................2..........2,428..........0.08%
Advance Auto Parts.................87..........2,251..........3.86%
Dollar Tree..............................116..........2,053..........5.65%
VA Total for all 4......................71..........9,659..........0.74%
Tennessee
Eastman Chemical......................29..........3,005..........0.97%
King Pharmaceuticals.................33..........2,242..........1.47%
Dollar General............................64..........2,043..........3.13%
Community Health Systems........65..........1,767..........3.68%
TN Total for all 4.......................191..........9,057..........2.11%
Alabama
Vulcan Materials......................122..........2,536..........4.81%
Energen.....................................39..........2,294..........1.70%
Protective Life...........................15..........1,972..........0.76%
AL Total for all 3......................176..........6,802..........2.59%
Arkansas
Tyson Foods............................68*........2,019..........3.37%
JB Hunt Transports..................43..........1,861..........2.31%
AR Total for both....................111..........3,880..........2.86%
North Carolina
Family Dollar Stores...............100..........2,438..........4.10%
Louisiana
Tidewater....................................2..........2,061..........0.10%
Kentucky
Omnicare...................................35**.......1,798..........1.95%
Southeast Total for all 31..1,638.......70,157.........2.33%
* Includes both State Current Income Taxes and State Deferred Income Tax Expense
** Includes both State Current Income Taxes and State Deferred Income Tax Expense for 2008 and 2009
*** Invesco, Ltd is a Bermuda Corp, with an SEC location code in Georgia
**** Includes adjustments for uncertain tax positions
With so many Houston, Texas Oil and Gas related companies generating such incredibly robust profits, as compared to companies in the Southeast US, it is pretty clear to me that nearly all businesses in the US Southeastern States have been severely harmed economically by sky-high energy costs.
