LOS ANGELES—Toyota Financial employees may have the most to gain from the major move to Texas. Yesterday, GlobeSt.com reported that the car manufacturer plans to move its North American headquarters office from Torrance, CA, to the North Dallas, TX, city of Plano.

According to NCAP‘s state tax calculator, employees could save anywhere from thousands to millions of dollars in the move. NCAP uses the example of a 30-year-old, single renter who earns $75,000 at Toyota. Moving to Texas would earn this employee $14,909 in annual discretionary income, amounting to 1.5 million over a lifetime. Married, 40-year-old homeowners earning a combined $150,000 per year would earn $2,535 in annual discretionary income, amounting to $209,000 over a lifetime. “The main focus of Toyota’s announcement has been on the company’s savings but there’s also a story here about the impact on Toyota workers who make the move,” says Pamela Villareal, a senior fellow at NCPA.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. INDUSTRIAL 2022Event

This conference brings together the industry's most influential & knowledgeable industrial real estate executives

Get More Information
 

GlobeSt Net Lease Spring 2023Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.