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State Tax Considerations for Locating a Business: SALT and Incentives, Weighing Factors by Business Type

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Thursday, September 7, 2023

Recorded event now available

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This webinar will review the relevant state and local tax factors a business should consider when deciding where to start or move its operations. Our panel of state subject matter experts will explain the applicable state and local taxes and tax rates, state incentives, and economic and other considerations that should be assessed, as well as discuss how the significance of these considerations varies based on the nature of a business.

Description

After considering 18 factors, Forbes ranked Indiana the best state to start a business and New York the worst. In contrast, the Tax Foundation ranks Indiana ninth on its State Business Tax Climate Index and New Jersey at the bottom of the Index. The best and worst state to locate a business varies significantly with each venture. What is certain is the need to weigh all the relevant factors for a particular business before deciding where to locate or relocate a company.

Among these considerations are a state's income and sales tax rates. States like Florida, Tennessee, and Texas offer no state income tax. Tennessee, however, has almost the highest sales tax rate of any state, 9.548%. Alaska, Delaware, and Oregon offer no state sales tax, although local jurisdictions may impose sales taxes. Most states provide incentives to encourage businesses to locate in their state. Some states exempt personal property from taxation, while others exempt inventory. Even unemployment insurance taxes vary significantly by state. A business' activity contributes to the significance of each factor when deciding where to move.

Listen as our panel of SALT experts points out the significant factors to consider when locating a business and provides examples of the determination for certain companies.

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Outline

  1. SALT considerations when locating a business: introduction
  2. Income tax and other local tax considerations
  3. Property tax
  4. Sales tax
  5. State incentives
  6. Other economic and non-tax considerations

Benefits

The panel will cover these and other critical issues:

  • Specific state incentives offered to entice businesses
  • Weighing relevant SALT factors based on the nature of a business
  • States whose economic climate is conducive to business
  • Examples of making a determination of where to locate based on the type of business

Faculty

Busch, Chad
Chad Busch
Managing Director
BDO USA

Mr. Busch is a Managing Director in BDO’s Specialty Tax Services – State and Local Tax (SALT) practice. He...  |  Read More

Fadden, Daniel
Daniel Fadden
Managing Director
BDO USA

Mr. Fadden's background includes managing property tax compliance outsourcing, complex property compliance and...  |  Read More

Tourian, Ted
Ted Tourian
SALT Manager
BDO USA

Mr. Tourian is currently an experienced manager at BDO specializing in state and local tax. Prior to BDO, he was the...  |  Read More

Weisfuse, Ben
Ben Weisfuse
Senior Manager, Credit and Incentive Services
BDO USA

Mr. Weisfuse has 15 years of experience managing business incentive and site selection projects on behalf of Fortune...  |  Read More

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