TRENTON, NJ-The annual report by the Tax Foundation on state business climates was released yesterday and the news was far from good for New Jersey and New York.
The State of New Jersey ranked No. 49 and New York State came in dead last at No. 50, according to the foundation's the 2014 State Business Tax Climate Index.
“This year, New Jersey and New York are virtually tied for the worst business tax climate in the country,” says Tax Foundation economist Scott Drenkard. “New York has an opportunity to make beneficial reforms to its tax code this year with the creation of Governor Cuomo's tax reform commission. In order to remain competitive with New York, New Jersey will have to vamp up their own tax reform efforts.”
The top ten states in terms of business climate on the 2014 list are: Wyoming (#1), South Dakota (#2), Nevada (#3), Alaska (#4), Florida (#5), Washington (#6), Montana (#7), New Hampshire (#8), Utah (#9), and Indiana (#10).
The 10 lowest ranked states in 2014 are Maryland (#41), Connecticut (#42), Wisconsin (#43), North Carolina (#44), Vermont (#45), Rhode Island (#46), Minnesota (#47), California (#48), New Jersey (#49), and New York (#50).
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