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
Breaking Down New Jersey’s “Mansion” Tax: What Buyers and Sellers Need to Know
For many years, the New Jersey Mansion Tax has been a significant consideration in high-value real estate transactions. Recent legislative changes, however, have substantially altered how the tax operates, including who is responsible for paying it and the amount owed in certain transactions. Whether you are purchasing, selling, or investing in New Jersey real estate, […]
Author: George McGowan
Estate Planning for Digital Assets Under New Jersey Law
As our personal and financial lives increasingly move online, estate planning must evolve to address a new category of property: digital assets. From email accounts and social media profiles to cryptocurrency and cloud-stored business records, these assets often carry both financial and sentimental value. Yet, without proper planning, they can become inaccessible—or even lost—upon incapacity […]
Author: Marc J. Comer
The Role of Representation and Warranty Insurance in M&A Transactions
In today’s mergers and acquisitions market, representation and warranty (R&W) insurance has become a common feature of deal negotiations. Once used primarily in larger transactions, R&W insurance is now frequently incorporated into middle-market deals as buyers and sellers look for efficient ways to allocate risk and close deals. When structured properly, R&W insurance can help […]
Author: George McGowan
You Just Received a Federal Grand Jury Subpoena in New Jersey: Now What?
Receiving a federal grand jury subpoena is not something most businesses or individuals anticipate. While it can be concerning, a federal grand jury subpoena does not necessarily mean that you are being accused of wrongdoing. It does, however, mean that a federal criminal investigation is underway and that federal prosecutors believe you may possess information […]
Author: George McGowan
Why Every Business Should Conduct an Annual Insurance Coverage Review
Most New Jersey business owners purchase insurance policies, file them away, and assume they are protected if a claim arises. Without a regular insurance coverage review, many companies discover gaps only after a lawsuit, cyberattack, property loss, or other significant event occurs. An annual insurance coverage review can help businesses identify potential risks, ensure their […]
Author: George McGowan
Demand Letters & Cease and Desist Letters: When to Send One (and When Not To)
Businesses and individuals often encounter situations where another party breaches a contract, fails to pay a debt, or continues harmful conduct. In many such disputes, a precisely drafted demand letter or cease-and-desist letter serves as a powerful legal tool. It can frequently resolve the dispute and avoid litigation. While demand or cease-and-desist letters can resolve […]
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.