There are five basic legal forms of business structures found in the United States: C corporations, S corporations, sole proprietorships, partnerships, and Limited Liability Companies (LLCs). In order to understand...
- Memphis Business Journal quotes Scott Drenkard on Tenness...
Memphis Business Journal quotes Scott Drenkard on Tennessee's tax climate
October 09, 2012
- Jane Donahoe
- Web and sections editor- Memphis Business Journal
- The Volunteer State ranks 14th on the Tax Foundation’s annual State Business Tax Climate Index.
- The index compares states in five areas of taxation that impact business: corporate taxes; individual income taxes; sales taxes; unemployment insurance taxes; and taxes on property, including residential and commercial property.
- Tennessee was boosted by both high scores in the corporate tax rank (eighth) and individual income tax rank (13th). Tennessee’s lack of a wages and salary tax clearly bolsters its position on the list. However its sales tax ranking, at 43rd, and its 48th-place finish in property tax brought the overall ranking a bit lower.
- Mississippi ranks 17th overall on the Tax Foundation’s 2012 index while Arkansas ranked 31st.
- “Even in our global economy, a state’s strongest and most immediate competition often comes from other states,” said Tax Foundation economist Scott Drenkard in a statement. “State lawmakers need to be aware of how their states’ business climates match up to their immediate neighbors and to other states in their region.”
- New Jersey was ranked the worst, while Wyoming was ranked the best.
- Click here for the full report.
Executive Summary The Tax Foundation’s State Business Tax Climate Index enables business leaders, government policymakers, and taxpayers to gauge how their states’ tax systems compare. While there are many ways to show how much is...
Key Findings The four different tax bases for calculating corporate tax are reduced to three as of FY 2015 (eliminating the corporate AMT base) and further reduced to two over time (eliminating the capital stock base). The corporate net income...
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