Is Your State Business-Friendly?
So, I had a free minute over the weekend and I started catching up on the backlog of Inc. magazines I have lying around. Funny thing, while I never really paid attention to it when I looked through each month’s issue independently, I noticed a trend when speed-reading through 5 or 6 issues at a time.
States are hard up for your business!
There is at least a 5-page spread in each issue from some state soliciting you to move your [fill in the blank] company to their area. Offers of tax incentives and tax abatements along with a great work force and a fantastic place to raise the kiddies made up most of the ad copy from these cries for help.
So it got me thinking….
What is your state willing to do for you to KEEP your business? Now, I realize you probably aren’t going to pick up the kids, load up the family truckster and move to New Jersey, but it would definitely be worth a few hours of your time to find out exactly what your state is offering businesses in the way of incentives or some other type of help during this down economy.
If you are not sure where to start, you might as well see what some of the better places are offering companies so you have something to compare your to.
This site will help you figure out how tax friendly your state is compared to others near you:
What to do next
Talk to your accountant or lawyer and ask them what is available and what your business qualifies for. Next, check out your local chapter of SCORE. They should be able to help you get started locally.
If you find something particularly juicy, let us all know, you may get some new neighbors!
4 responses to “We Want You!”
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Knock on Florida, but it is a great state to start a business.
Good article Darren, keep it up.
Funny you should post this. State of Illinois recently passed a 67% increase in taxes. personal income tax rate from 3 per cent to 5 per cent and a rise in business income taxes from 7.3 per cent to 9.5 per cent. Add insult to injury: ‘Illinois passed a bill requiring all Internet retailers with sales over $10,000 to start collecting a 6.25% tax from Illinois residents who make a purchase on the Internet’
Then we have our local Government messing with taxes too. I am not all all pleased with this state. @Chris, I am originally from Miami.
I’m not far from the Wisconsin border…at anyrate, thanks for the links and resources Darren!
You are welcome Shawn. I just watched a report a few weeks ago on how bad financially most states are, and your tax increases are going to be the tip of the iceberg I am afraid.