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 most profitable, very Big Corps.
I earlier addressed these Medium-sized Corps in the US Big Three States….New York, California and Texas…..and also in the 8 Midwest US States.
This new research focuses on the 11 Northeast US States, other than New York. Here’s a brief summary of my earlier research results for the very Big Corps in these 11 Northeast 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)
New Jersey.....18.......12,217........534,077.......2.29%......9.000%
Connecticut......9........4,958.........354,085.......1.40%......7.500%
Pennsylvania..17........4,159.........209,556.......1.98%......9.990%
Massachusetts..9........2,776..........93,135........2.98%......8.800%
Maryland..........6........2,751..........62,374........4.41%......8.250%
Delaware..........2...........373...........51,833.......0.72%......8.700%
Rhode Island....2.........1,835..........35,715........5.14%......9.000%
Washington DC..1...........188...........11,748........1.60%......9.975%
Maine................0
New Hampshire.0
Vermont...........0
Total NE...........64......29,257.....1,352,524.......2.16%
Below here is a State Summary of my new research for the Medium-sized Corps, with Core Pretax Income (PTI) above $2 bil for the most recent 6 years, in these 11 Northeast US States.
..................................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)
Pennsylvania..10..............769...........25,444..........3.02%
New Jersey.......9..............636...........24,990..........2.55%
Connecticut......5...............136...........14,166..........0.96%
Massachusetts...3..............361.............9,548..........3.78%
Washington DC..2..............115.............5,126...........2.24%
Rhode Island.....1................19.............2,345...........0.81%
Delaware...........0
Maine................0
Maryland..........0
New Hampshire.0
Vermont...........0
Total NE...........30..........2,036...........81,619..........2.49%
And below here are the individual 30 Medium-sized Corps in each of these 11 Northeast 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)
Pennsylvania
Allegheny Technologies...............82.............3,283.........2.50%
CONSOL Energy..........................108.............3,232.........3.34%
Allegheny Energy.........................50.............2,748.........1.82%
American Eagle Outfitters...........133.............2,638.........5.04%
UGI.............................................112.............2,602.........4.30%
SEI Investments...........................36.............2,370.........1.52%
EQT...............................................19.............2,259.........0.84%
Mylan Labs...................................90.............2,213.........4.07%
Universal Health Services.............83.............2,079.........3.99%
Endo Pharmaceuticals..................56.............2,020.........2.77%
PA Total for all 10.....................769...........25,444.........3.02%
New Jersey
Wyndham Worldwide..................21.............3,442.........0.61%
Hudson City Bancorp................177.............3,374.........5.25%
Everest Re Group, Ltd**...............0.............3,154.........0.00%
Lucent(2004-2009)..................(28)............3,149.......(0.89)%
C R Bard......................................65.............3,016.........2.16%
Dun & Bradstreet.........................88.............2,382.........3.69%
Celgene......................................196.............2,214.........8.85%
Cognizant Technology Solutions..53*............2,151.........2.46%
Sealed Air....................................64.............2,108.........3.04%
NJ Total for all 9......................636...........24,990.........2.55%
Connecticut
WR Berkley.....................................0.............4,199........0.00%
Odyssey Re Holdings......................0.............3,099.........0.00%
Amphenol....................................44*............2,480.........1.77%
IMS Health...................................41*............2,334.........1.76%
Stanley Black & Decker..................51.............2,054.........2.48%
CT Total for all 5.......................136...........14,166.........0.96%
Massachusetts
Genzyme.....................................133.............3,843.........3.46%
Thermo Fisher Scientific...............87.............3,670.........2.37%
N Star..........................................141*...........2,035.........6.93%
MA Total for 3...........................361............9,548.........3.78%
Washington DC
Pepco Holdings..............................(3).............2,790........(0.11)%
Washington Post...........................118.............2,336.........5.05%
DC Total for 2.............................115.............5,126.........2.24%
Rhode Island
Hasbro...........................................19.............2,345.........0.81%
Total NE for all 30...................2,036............81,619........2.49%
* Includes both State Current Income Taxes and State Deferred Income Tax Expense
** Bermuda Corp, but with New Jersey mailing address and New York CPA firm
With so many Houston, Texas Oil and Gas related companies generating such incredibly robust profits as compared to companies in the Northeast US, it is pretty clear to me that nearly all businesses in the US Northeastern States have unfortunately been just devastated by sky-high energy costs.
