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Corporate Income Tax rates for all the states?
We are looking to set up our business in a business friendly state that does not have a corporate income tax. We are a new venture with 4 or 5 of us to start and we are all very mobile so are open to moving somewhere to set up our company. Any states or municipalities that offer incentives or subsidies for setting up a new business iwoud also be great...
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2 Answers
Hi Toby,
I don't have an answer for you, but I came across this interesting article on yahoobuzz. It's the Top 5 States To Open A New Small Business. Hope this helps and good luck with your new venture.
http://www.rasmussen.edu/articles/top-states-to-start-a-small-business.asp
Hi Toby -
You ask a great question, though it is not easily answered. You have to decide first which states you would be interested in operating from a business, weather, travel prospective first. Once you have somehow narrowed down your search, there are tax tools like All State Tax Guides available which describe the various taxes for business operation including franchise tax, sales tax, individual taxes, etc.
Some of the best opportunity for tax breaks have historically come from states which have a tax.
Each state as well that does have a tax could have somewhat different state appoirtionment factors called NEXUS which tie you to a state or states such as sales, travel in and out, payroll, equipment, inventory in the state.
Consider using a CPA to assist you with your decisions.
All the best for your new venture.
Best, Steve
Steven J. Elliott, CPA (NY & MA), MST, MPFP
Janover, LLP
Garden City, NY
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