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The state in January raised the corporate income tax rate temporarily to 7 percent from 4.8. Corporations also pay a 2.5 percent tax on income, called the personal property replacement tax, which is collected by the state and flows to local governments. The two rates taken together come to 9.5 percent, the third-highest rate in the U.S., according to the Tax Foundation, a non-partisan Washington-based research group.
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The company estimates the hike will cost it about $50 million a year.
The talks now begin. We will see if state tax laws are re-written in order to lower this company's taxes while everyone else's tax increase remains.