N.H. sixth in business-friendly tax report
New Hampshire is ranked as one of the most business-friendly states for taxes, according to a study by a nonprofit tax foundation.
The Tax Foundation, a nonpartisan educational forum based in Washington, D.C., ranked each state in the country on how supportive their taxes were to businesses as part of “State Business Tax Climate Index” put together by economists Curtis Dubay and Scott Hodge.
New Hampshire ranked sixth, well ahead of the other New England states.
The researchers said the goal of the index was to show lawmakers basic tax structures that worked better or instead of short-term abatements and exemptions meant to draw one-time gains from luring high-profile companies from other states.
“States do not enact tax changes in a vacuum,” Hodge said further. “Every tax change will affect a state’s competitive position relative to its neighbors, as well as globally.”
The index scores states higher that have neutral tax codes, or ones that have low, flat rates that apply to everyone. The researchers said this makes tax law simpler and more transparent, and avoids double taxation.
The 10 most tax-friendly states to businesses were: Wyoming; South Dakota; Alaska; Florida; Nevada; New Hampshire; Texas; Delaware; Montana; and Oregon
The least tax-friendly states were: New York; New Jersey; Rhode Island; Ohio; Vermont; Maine; Kentucky; Nebraska; Iowa; and Arkansas
Of the other New England states, Massachusetts ranked 27th, and Connecticut was 39th.
To review the report and the full list of states, visit taxfoundation.org/press/show/1369.html. — CINDY KIBBE