How Does New Jersey’s Business Tax Climate Rank?

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New Jersey topped New York in a recent ranking of business friendliness performed by the Tax Foundation. However, the Empire State was the only one that New Jersey, coming in at 49th in the country, beat out.

The State Business Tax Climate Index examines 118 different variables in the five areas of taxation (major business taxes, individual income taxes, sales taxes, unemployment insurance taxes, and property taxes) and creates an overall score for each state. The states are then compared against each other and ranked accordingly.

The states earning the top spots in the 2013 Index included Wyoming, South Dakota, Nevada, Alaska, and Florida. Joining New York and New Jersey in the bottom five were Rhode Island, Vermont, and California.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Kenneth Oh, Scarinci Hollenbeck, LLC | Attorney Advertising

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