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
IP Infringement: What Steps Can You Take If You're Affected?
IP infringement occurs when someone uses your intellectual property without your permission or beyond the scope of the permission you granted. Common examples of IP infringement include copying a product’s patented features or using a trademarked logo in a way that is likely to confuse consumers about the source or affiliation of goods or services. […]
Author: Michael Mietlicki
Public Allegations, Unfinished Investigation: What New Jersey Businesses Should Do Next
When facing public allegations of wrongdoing, companies should not let the speed of the public conversation dictate the speed of an investigation. An investigation designed to confirm a preferred narrative rather than establish the facts can create serious problems later, particularly if litigation, regulatory scrutiny, or employment claims follow. Key Takeaways When public allegations surface […]
Author: Sean M. Pena
BESS Interconnection: Managing Grid, Cost, and Schedule Risk
For battery energy storage system (BESS) developers, securing equipment and site control is only part of the development equation. A project must also connect to the electric grid, and increasingly, BESS interconnection is one of the biggest sources of schedule, cost, and contractual risk. Key Takeaways This article is Part 3 of our Battery Storage […]
Author: Nicholas Wall
Navigating Director and Officer Liability in Times of Financial Distress
Director and officer liability increases sharply when a company is in financial distress. Decisions that would draw little attention in a healthy business can later be challenged by creditors, shareholders, bankruptcy trustees, and regulators as breaches of fiduciary duty, fraudulent transfers, or oversight failures. Understanding where that exposure comes from, and how to manage it, […]
Author: Michael Mietlicki
Before You Buy: Managing Real Estate and Permitting Risk for BESS Projects in New York and New Jersey
For developers pursuing battery energy storage system (BESS) projects, finding the right property is only the beginning. BESS site selection is as much a legal and transactional exercise as a real estate decision, with risk analysis central to the project’s ultimate success. Key Takeaways The core questions for BESS site selection in New York and […]
Author: Nicholas Wall
What Business Owners Get Wrong Before Meeting a Litigation Attorney
What should you expect when meeting a litigation attorney about a business dispute? You should expect to describe the dispute in your own words, hand over the most important documents, flag any deadlines or immediate threats, and leave with a clearer picture of the problem, what information is still needed, and the likely next steps. […]
Author: Michael Mietlicki
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.