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New York has the seventh-worst tax system for starting and growing small businesses, an advocacy group reported this week.
The state’s business tax system placed 44th in rankings compiled by the Small Business & Entrepreneurial Council.
California has the worst tax system, the council reported Thursday, followed by Hawaii, New Jersey, Iowa, Vermont, Maine and New York. Minnesota, Oregon and Connecticut completed the bottom 10.
Texas has the best system, the council reported, followed by South Dakota, Nevada, Wyoming, Washington, Florida, Alabama, Colorado, Ohio and Alaska.
The council rated New York’s “fairly low” unemployment taxes as the state’s only positive attribute. Its negatives included high taxes on income, capital gains and dividends, as well as its high property taxes.
Other negatives included individual and corporate alternative minimum taxes, estate taxes, the highest gasoline tax in the country, the second-highest tax on diesel fuel and the third-highest tax on wireless systems.
The SBE’s Business Tax Index combines 21 tax measures into one score. The taxes include income, capital gains, property, death and inheritance, unemployment and various consumption-based taxes.
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