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Sunday, April 5, 2020

Report: North Carolina is third friendliest state for corporate taxes

Taxes

By Chris Lang | Feb 29, 2020

North carolina state capitol raleigh
The former North Carolina State Capitol Building, which is a National Historic Landmark located within the Capitol Historic District in Raleigh. A recent Tax Foundation report ranks the state the third friendliest for corporate taxes. | File Photo

When it comes to corporate taxes, North Carolina ranks as one of the friendliest states in the nation.

The 2020 Tax Foundation recent report ranked U.S. states based on tax policies. North Carolina is third for corporate taxes, with an overall rank of 15.

South Dakota and Wyoming ranked first for corporate taxes. North Carolina’s southern neighbor, South Carolina, was fourth.

The report examined corporate, individual income, sales, property and unemployment insurance taxes to create an overall rating. Respectively, North Carolina ranked third, 16th, 21st, 34th and 10th.

The states that ranked in the bottom were Pennsylvania, Texas, Iowa, New Jersey and Delaware.

The report noted that North Carolina dropped its already lowest-in-the-nation corporate tax from 3 to 2.5%, as part of a tax reform plan. However, Tax Foundation noted that the state’s other financial policies resulted in it dropping from 12th to 15th in the 2020 report.

Tax Foundation describes its “State Business Tax Climate Index” as an examination of how states determine taxes and is a direction for change.

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