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From zero to 11.5% in state corporate tax: the state you choose already shapes your U.S. margin

Corporate tax, industrial power prices and population growth vary widely from one state to another. We compare all 50 states on interactive maps and take a close look at Florida, Georgia, Texas and the Carolinas, which together account for half of the country's population growth.

Data from 2025 and 20267-minute readPublished October 23, 2026

By the Marroffino & Partners team of specialists

11.5%

highest state corporate income tax rate (New Jersey); North Carolina charges 2%

Tax Foundation, 2026

states without a corporate income tax; four of them tax gross receipts instead

Tax Foundation, 2026

7.7x

the gap between the most expensive (Hawaii) and cheapest (New Mexico) industrial power, August 2026

EIA

~50%

of U.S. population growth in 2025 came from Texas, Florida, the Carolinas and Georgia

U.S. Census Bureau

Executive summary

State tax on profits ranges from zero to 11.5%. North Carolina charges the lowest rate among states that tax corporate income, 2%, and Texas, Nevada, Ohio and Washington tax gross receipts instead of profit.
Industrial power costs from 5.08 cents per kWh in New Mexico to 39.33 in Hawaii, against a U.S. average of 9.64 in August 2026. Texas (7.21), South Carolina (7.88) and Florida (8.93) sit below the average; Georgia (13.05), above.
Demand is moving south. Texas, Florida, North Carolina, Georgia and South Carolina added about 912,000 residents between 2024 and 2025, roughly half of the country's growth.
Brazilian companies have already chosen. Florida (12 companies with plants) and Georgia (7) lead the Brazilian productive presence mapped by CNI; Texas has 5.

What the state charges on profit

Forty-four states tax corporate income, with top rates from 2% to 11.5%. Four tax gross receipts, and two levy neither tax. In 2026 no state raised its rate, and some cut it, including Georgia and North Carolina.

Our reading: a low rate is not enough. A state without income tax can charge more in gross receipts, property or sales taxes, and the effect depends on the margin of each operation.

Exhibit 1

Top state corporate income tax rate, 2026 (%)

Source: Tax Foundation (2026). Grey: no corporate income tax; Texas, Nevada, Ohio and Washington tax gross receipts, and South Dakota and Wyoming levy neither.

Lowest rate

North Carolina, 2%

Cut again in 2026.

The South

Florida 5.5% · Georgia 5.19%

South Carolina charges 5% and Tennessee 6.5%.

No income tax

Texas

Taxes gross receipts through its franchise tax.

What power costs to produce

Industrial electricity in the U.S. averaged 9.64 cents per kWh in August 2026. Most Southern states sit below the average, with Georgia (13.05) the notable exception; California (24.12) and the Northeast are well above.

For energy-intensive operations, this gap can weigh more than the state income tax.

Exhibit 2

Average industrial electricity price, August 2026 (cents per kWh)

Source: EIA, Electric Power Monthly, Table 5.6.A (preliminary data for August 2026). Colour scale capped at 20 cents.

Cheapest

New Mexico, 5.08

Followed by Louisiana (6.10) and Tennessee (6.92).

Brazilian destinations

Texas 7.21 · Florida 8.93

Georgia, at 13.05, is above the national average.

Most expensive

Hawaii, 39.33

On the mainland, California leads at 24.12.

Where demand is moving

Between July 2024 and July 2025 the U.S. population grew by 1.8 million, or 0.5%, a slowdown the Census Bureau attributes to a historic drop in net international migration. Five Southern states accounted for about half of that growth.

More people mean more consumption, more construction and a larger labor pool, all of which weigh on the choice of a first U.S. address.

Exhibit 3

Largest population gains, July 2024 to July 2025 (thousands of people)

Source: U.S. Census Bureau, Vintage 2025 population estimates (Jan 27, 2026).

Exhibit 4

Brazilian companies with productive plants, by state

Source: CNI (Jul 2025), the eight states detailed in its mapping.

Four state profiles

A comparative reading of the destinations most considered by Brazilian companies.

5.5% · 8.93¢ · +196.7k residents

Florida

The largest Brazilian productive presence mapped by CNI, logistics close to Brazil and the fastest growth in consumer spending in 2025 (+7.0%).

5.19% · 13.05¢ · +98.5k residents

Georgia

The second-largest Brazilian presence, and ports led by Savannah, which handled 5.7 million TEUs in fiscal 2025. Industrial power is above the national average.

No income tax · 7.21¢ · +391.2k residents

Texas

The largest population gain in the country and inexpensive industrial power. It does not tax corporate income, but it does tax gross receipts.

NC 2% · SC 5% · 8.23¢ and 7.88¢

North and South Carolina

The fastest population growth among the five states highlighted, power below the average and incentives tied to targets, such as the grants received by TSEA in Eden.

What to do now

Define the criterion that weighs most in your operation: tax, power, labor, logistics or access to customers.
Compare at least three states with your company's numbers, not with averages.
Negotiate incentives before choosing the address, knowing they usually require investment and hiring targets.

In which state does your company earn more? We compare the candidates with your numbers.

Speak with a partner about costs, incentives and market access.

Speak with a partner

About this article

Prepared by the Marroffino & Partners team of specialists in strategy and U.S. market entry.

To discuss these findings for your company, write to us or book a conversation with a partner.

contact@marroffino.com

Methodology and sources

Figures come from the Tax Foundation, the EIA, the Census Bureau, the BEA, CNI and the Georgia Ports Authority, checked on October 23, 2026.

This article is for information only and reflects public data available on October 23, 2026. It is not legal, customs, tax or investment advice. Projections are shown as published by their sources.