I had written a blog a few months ago on Texas Governor Rick Perry’s trip to NY hoping to entice businesses to move from the least friendly business state (NY at the time) to a state in the top 15 (Texas).
I can only assume that’s one of the things that the Governor of NY kept in mind when he created the 2014 budget and made several changes to the NY tax code. Those changes were enough to help propel New York from the least business friendly state in the country up two spots (sorry, New Jersey and California) to #48. Take that, Rick Perry!
The Tax Foundation reported that the new tax laws, which included cutting the corporate tax rate 7.1 to 6.5 percent and reducing the manufacturers’ rate to zero, as well as merging the duplicative bank tax system into the better-developed corporate tax system helped push NY up in the ranks.
Governor Perry’s response: a victory lap (Toyota announced they are moving their sales headquarters to Texas from California) and a debate challenge. Governor Cuomo declined but I don’t think that’s the last we’ll hear from the Texas Governor. For a full comparison of the differences in policy, click here. And stay tuned as the verbal debate between the two governors continues!
- On May 1, 2014