NY ranks 2nd worst in business tax climate but improving

New York still ranks second worst among states’ business tax climates by the Tax Foundation. The group says New Jersey retains its longstanding position for the least competitive tax code, while Wyoming is rated No. 1 for the best. The foundation says its annual scoring penalizes states for “overly complex, burdensome, and economically harmful tax codes” and rewards them for “transparent and neutral tax codes that do not distort business decisions.”

New York’s rankings are 49th for individual income taxes, 47th for property taxes, 43rd for sales taxes, 32nd for unemployment insurance taxes and 7th for corporate taxes. The foundation says New York improved by lowering its corporate income tax rate from 7.1 to 6.5 percent and reducing its capital stock tax rate from 0.15 to 0.125 percent.

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