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. I define Core Pretax Income to be 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 also to be 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 have earned just below that of the very Big, most profitable 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 most profitable 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, in the 11 Northeast US States, and also in the 12 Southeast US States.
This new research focuses on the 17 States in the Western Half of the US, other than both California and Texas. Here’s a brief summary of my earlier research results for the very Big Corps in these 17 States in the Western Half of the US.
...............................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)
Washington....9.........6,168..........324,385.......1.90%...........*
Nebraska........4.........2,209..........152,159.......1.45%.......7.810%
Oklahoma.......4...........387............56,412.......0.69%.......6.000%
Arizona..........4...........732............43,768.......1.67%.......6.968%
Colorado........4...........729............29,940.......2.43%.......4.630%
Oregon...........3...........831.............31,782.......2.61%.......7.900%
Nevada...........2...........221............10,768.......2.05%...........*
Idaho..............1..........356..............8,457.......4.21%.......7.600%
Kansas............1...........352..............7,988.......4.41%.......7.050%
Utah...............1.............53..............5,345.......0.99%.......5.000%
Alaska............0
Hawaii............0
Montana.........0
New Mexico....0
North Dakota..0
South Dakota..0
Wyoming........0
Total West.....33.........12,038........670,994.......1.79%
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 17 States in the Western Half of the US, other than both California and Texas. I lowered the income threshold here from $2 bil to $1.7 bil, in order to get what I consider to be an adequate data base of these Medium-sized Corps.
...................................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)
Colorado............7.............738..........21,150...........3.49%
Arizona..............5.............361...........11,494...........3.14%
Washington........3.............206............8,643...........2.38%
Oklahoma...........4.............206............8,507...........2.42%
Kansas................1...............26............3,919............0.66%
North Dakota......1...............75............2,702...........2.78%
Utah...................1..............186............2,068...........8.99%
Oregon...............1................64............1,827...........3.50%
Total West........23...........1,862..........60,310...........3.09%
And below here are the individual 23 Medium-sized Corps in each of these 17 States in the Western Half of the US, other than both California and Texas:
..........................................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)
Colorado
DISH Network........................185............5,988..........3.09%
Cimarex Holdings....................15............2,943..........0.51%
Liberty Media........................363............2,923........12.42%
Molson Coors Brewing.............27............2,818..........0.96%
Ball Corp.................................73.............2,612..........2.79%
Discovery Communications.....56............2,020..........2.77%
Forest Oil.................................19.............1,846.........1.03%
CO Total for all 7.................738...........21,150..........3.49%
Arizona
Avnet.....................................65............2,737..........2.37%
Republic Services..................101............2,729..........3.70%
Pinnacle West Capital..............88............2,330..........3.78%
Microchip Technology............10............1,856..........0.54%
PetSmart.................................97(3).......1,842..........5.27%
AZ Total for all 5..................361..........11,494..........3.14%
Washington
Amazon.com...........................80(2)........3,882..........2.06%
Expedia...................................74............2,505..........2.95%
Expeditors Intl of Washington..52............2,256..........2.30%
WA Total for all 3.................206............8,643..........2.38%
Oklahoma
Helmerich & Payne...................46............3,025..........1.52%
OGE Energy................................0............1,875..........0.00%
Kerr McGee(2004-05)..............14............1,835..........0.76%
BOK Financial.........................146............1,772..........8.24%
OK Total for all 4..................206............8,507..........2.42%
Kansas
Garmin, Ltd(4)..........................26............3,919..........0.66%
North Dakota
MDU Resources Group.............75............2,702..........2.78%
Utah
Zions Bancorp........................186............2,068..........8.99%
Oregon
Stancorp..................................64(1)........1,827..........3.50%
All Western Half of US....1,862...........60,310.........3.09%
(1) Includes both State Current Income Taxes and State Deferred Income Tax Expense
(2) Includes both State Current Income Taxes and State Deferred Income Tax Expense for 2007-2009, and no state income tax for 2004-2006, since none were disclosed
(3) Includes both State Current Income Taxes and Foreign Income Taxes
(4) Garmin, Ltd is a Cayman Islands Corp, with an SEC mailing address in Kansas, and with an external CPA firm in Kansas City, MO
With so many Houston, Texas Oil and Gas related companies generating such incredibly robust profits, as compared to many companies in many States in the Western Half of the US, it is pretty clear to me that many businesses in many of the States in the Western Half of the US have been severely harmed economically by sky-high energy costs.
My next research will focus more in depth, first on Big Corps and Medium-sized Corps headquartered in California, and then a bit later, more in depth on Big Corps and Medium-sized Corps in States in the Eastern Half of the US.
