The Center on Budget & Policy Priorities has released Corporate Tax Rate Cut Likely to be Ineffective as Stimulus, by Chye-Ching Huang:

Numerous government and independent studies agree that corporate tax rate cuts provide relatively little “bang-for-the-buck” as stimulus. The Congressional Budget Office, for example, has concluded that a corporate rate cut “is not a particularly cost-effective method of stimulating business spending.” The Congressional Research Service has found that in terms of stimulating aggregate demand, the “effect of corporate rate cuts is likely small.” And Mark Zandi, chief economist of Moody’s Economy.com, has rated a corporate tax rate cut as one of the least effective of all tax and spending options in stimulating the economy, estimating that it would generate only 30 cents in economic demand for every dollar spent on the tax cut.

Nevertheless, some policymakers and business groups — many of them longstanding proponents of corporate tax cuts regardless of economic conditions — now advocate cutting corporate tax rates as a stimulus measure. There is a serious debate to be had about whether cutting corporate rates, especially if done in tandem with measures to close corporate tax loopholes, would strengthen the economy over the long run. But corporate rate cuts simply are not credible as short-term economic stimulus in a recession.