Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Tax Foundation Publishes State Business Tax Climate Index
Author: Scarinci Hollenbeck, LLC
Date: November 3, 2014
Key Contacts
Back
The Tax Foundation, a think tank that tracks taxation issues, has released its latest ranking of states by business tax climate.
The Tax Foundation, a think tank that tracks taxation issues, has released its latest ranking of states by business tax climate.
According to the Tax Foundation, Wyoming is the most favorable state in which to do business. This was followed by South Dakota, Nevada, Alaska and Florida to round out the top five. The organization stated that among its top states, the absence of a major tax is a common factor. Wyoming, Nevada and South Dakota, for example, have no corporate or individual income tax. Those that did levy all of the major taxes on the top ten list did so at a low rate.
The least favorably ranked states suffered from “complex, non-neutral taxes with comparatively high rates,” according to the foundation. Topping the nclist was New Jersey, followed by New York, California, Minnesota and Vermont.
Nominally, the Tax Foundation is non-partisan, but many have criticized the organization as having a conservative bias. Its rankings have a tendency to vary more wildly from year to year than tax laws in those states, and some have suggested that the rankings in the state seem to have less to do with
Analysis conducted by Governing found that there was virtually no correlation between the employment-to-population ratio in a state and the business tax climate score. Similarly, there was a slight negative correlation between a state’s median annual wage and business tax climate score, meaning that residents of states with more favorable business climates were slightly more likely to make less money in a year.
What is clear is that taxation issues aren’t the only factor in determining the prosperity of a state. As economic issues becomes increasingly important to the American populous, many will pay attention to how these states do relative to their index scores.
- Practices: Tax and Trusts & Estates
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Zoning Laws Explained: What You Need to Know Before Buying Property
Before buying property, it is critical to determine whether local zoning laws may affect your plans. If you plan to redevelop the property, you will want to confirm that local zoning regulations permit development as intended. If acquiring property that is already developed, you must verify that the use is permitted in the underlying zoning […]
Author: Wendy Rubinstein Quiroga
Special Needs Trusts in New Jersey: Planning for Your Loved One’s Future
For parents of a child with a disability, estate planning raises concerns that go well beyond deciding who will inherit their assets. Parents may spend years making sure their child has the right care, services, and support. Eventually, they must also confront a difficult question: Who will take over when they can no longer do […]
Author: George McGowan
What Every Real Estate Investor Should Know Before Buying a Rental Property
Before buying a New Jersey rental property, an investor should verify realistic operating numbers, the property’s legal and regulatory status, lead-based paint and flood compliance, the existing leases and tenant protections, and the right ownership structure. A rental property is more than a piece of real estate; it is an operating business subject to legal, […]
Author: Donald M. Pepe
Can You Change an Irrevocable Trust in New Jersey?
In New Jersey, an irrevocable trust can sometimes be modified even though its name suggests otherwise, and one of the primary tools for doing so is a process called decanting. Whether decanting is available depends on the specific terms of the trust and the discretion given to the trustee. Key takeaways: New Jersey has no […]
Author: Marc J. Comer
How Intellectual Property Valuation Will Impact Business Transactions
Intellectual property valuation determines the monetary value of a business’s IP assets, and it drives outcomes in licensing deals, joint ventures, mergers and acquisitions, financing, and ownership disputes. The most valuable assets of a business are often the things that cannot be seen or touched: a proprietary process, a copyrighted work, brand recognition, or the […]
Author: Jay McDaniel
Data Center, Dark Fiber, and Lit Services Agreements in New Jersey: Key Terms and Legal Pitfalls
For New Jersey data center owners and operators, a service agreement may look routine when it is signed. The network is functioning, the vendor is meeting its installation schedule, and the parties have agreed on pricing and performance specifications. The provisions that seem most important at that stage are often the technical ones. That changes […]
Author: George McGowan
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.