Illinois charges a 6.25% sales tax for sales within the state. There are many exceptions to sales tax in Illinois, some of the most common exceptions are movie tickets, food purchased at grocery stores, food sold in a student cafeteria, newspapers, some Internet sales, and sales by nonprofit organizations.
The Ohio General Assembly established the CAT in 2005 as part of a series of tax reforms in the FY 06-07 budget (Am. Sub. HB 66). HB 66 phased-in the CAT and simultaneously phased-out the state corporate franchise tax and local tangible personal property tax for most businesses.
As with state taxes on business income, the specifics of a stateâs franchise tax often depend in part on the legal form of the business. Franchise taxes are generally either a flat fee or an amount based on a businessâs net worth. California has a franchise tax, a corporate income tax, and an alternative minimum tax.