Tennessee Ranked 15th On State Taxes

Wednesday, October 09, 2013

The tax climate of Tennessee ranked 15th this year out of all 50 states, according to a new report by the Tax Foundation. The Volunteer State’s rank remains unchanged from 2013 the 2014 State Business Tax Climate Index.

Several states have moved in the rankings since last year, with Texas dropping out of the top ten for the first time, landing at #11, and Virginia and Kentucky both falling three places to #26 and #27, respectively. On the positive side, Arizona climbed five ranks to #22 and Kansas shot up six spots to #20. Several other states also saw smaller changes.

“The states that lost ground this year usually did so because they changed policy in a way that makes the tax code more complex, burdensome, or economically harmful,” said Tax Foundation economist Scott Drenkard. “By contrast, the states that improved did so because they are moving closer to a tax code that collects revenue without unnecessarily distorting business decisions. Their tax codes became more neutral.”

The State Business Tax Climate Index, now in its 10th edition, collects data on over a hundred tax provisions for each state and synthesizes them into a single, easy-to-use score. The states are then compared against each other, so that each state’s ranking is relative to actual policies in place in other states around the country. A state’s ranking can rise or fall significantly based not just on its own actions, but on the changes or reforms made by other states.

The top ten states in 2014 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).

“The goal of the State Business Tax Climate Index is to start a conversation with policymakers about how their states fare against the rest of the country,” said Drenkard. “With this report, we’re asking: ‘how well is your tax code structured? Are businesses in your state spending too much time complying with onerous tax provisions? Are you double taxing things you shouldn’t?’”

Tax Foundation Background Paper No. 68, “2014 State Business Tax Climate Index” by Scott Drenkard and Joseph Henchman is available online.

The Tax Foundation is a nonpartisan research organization that has monitored fiscal policy at the federal, state and local levels since 1937. To schedule an interview, please contact Communications Associate Richard Borean at 202 464-5120 or borean@taxfoundation.org


Karen Tindell And Kelly Still Join Southern Community Bank

Robert Stahl, Chattanooga city president of Southern Community Bank, announced Karen Tindell and Kelly Still have joined the Chattanooga branch. “Karen joins the staff as assistant vice president and Kelly joins the staff as a commercial lender,” said Mr. Stahl.  “Together Karen and Kelly collectively have over 50 years’ experience in the financial industry with regional ... (click for more)

Georgia’s Unemployment Rate Drops Significantly To 7.2 Percent In November

The Georgia Department of Labor announced Thursday that Georgia’s seasonally adjusted unemployment rate for November was 7.2 percent. This is a significant drop from the previously released preliminary rate of 7.7 percent in October, which has been revised to 7.6 percent. The rate in November of last year was also 7.6 percent. “This is the largest monthly rate decrease we ... (click for more)

Investor Group Plans $31 Million Hotel In Chattanooga Bank Building

An investor group announced that it is planning the development of an upscale 150-room hotel in the historic Chattanooga Bank Building. MCA is comprised of 20 EB-5 investors as limited partners with Red Leaf Development, managed by David Roos, as the general partner. Long-time partner PHG is involved in the development of the hotel and will be responsible for its management ... (click for more)

Police Say Texts From Slain Minister Detailed Drug Deals

An investigator testified Thursday that a minister who was beaten to death during an apparent drug deal had texts on his phone dealing with similar exchanges of illegal drugs. The minister's wife said he had gone out that night as part of a church counseling program to women. General Sessions Court Judge Clarence Shattuck bound charges of felony murder and especially aggravated ... (click for more)

Please Don't Close The Piccadilly Cafeteria At Hamilton Place

Oh, no. The Piccadilly Cafeteria at Hamilton Place is closing.  Its last day is Christmas Eve.  I will miss the great food they have there but most of all I will miss their servers, cashiers and waitresses.  They are all so friendly and accommodating.  They make it like it’s a home-style restaurant. I sure wish there was some way that Hamilton Place and ... (click for more)

Roy Exum: God Bless Cathy & Co.

The secret to the whole thing is not getting caught but somebody at the Toys R Us store in Framingham, Mass., had a camera when Cathy O’Grady was very quietly paying off all the layaway balances at the popular location last week. The picture snaked its way onto social media sites and her friends quickly recognized the area’s most famous “layaway angel.” Then somebody in nearby ... (click for more)