Due Dates and Tax Rates
Your business tax return is due on the 15th day of the fourth month following the end of your fiscal year. For example, if your fiscal year coincides with the calendar year, then your return will be due on April 15.
The business tax rates vary, depending on your classification and whether you are a retailer or a wholesaler. However, every taxpayer must pay at least a minimum tax of $22.
|Classification||Retailer Rates||Wholesaler Rates||General Rate|
|Class 1B &1C||0.001||0.000375|
|Class 1D||0.0005||Not applicable|
|Class 1E||Not applicable||0.0003125|
|Class 4||Not applicable||Not applicable||0.001|
|Class 5A||Not applicable||Not applicable||0.001*|
|Class 5B||Not applicable||Not applicable||0.0002|
* The tax rate for Class 5A taxpayers was updated from 0.003 to 0.001 as a result of a law change in Public Chapter 377 (2023), effective May 11, 2023. This updated rate applies to tax years beginning on or after December 31, 2023.