NEW YORK STATE (WKBW) - The Tax Foundation, described on its website as a non-partisan tax research group based in Washington, D.C., has ranked New York State as the worst place in the nation for establishing a business based on taxes. The Tax Foundation's 2013 edition of the State Business Tax Climate Index analyzed each state's tax structure and ranked them accordingly.
"While some other studies look at how much is collected in taxes, we look at the rate and the base," said Tax Foundation Economist Scott Drenkard. "So this is a question of how the taxes are collected."
According to the foundation, the index enables business leaders, government policymakers, and taxpayers to gauge how their states' tax systems compare. The President and CEO of the Buffalo Niagara Enterprise (BNE) says even though businesses are aware of the state's tax climate, our region is especially enticing and many businesses think about the 'big picture' and not just about taxes.
"In the time that we've been proactive with promoting the region, we've had more than 280 locations come to WNY, providing over $3.4 billion in new investment and over 37,000 new jobs. That's all been in a tax climate that really hasn't changed in the last couple of decades," said Thomas Kucharski, BNE President & CEO.
Kucharski says that other polls put Western New York at the top, due to many factors, including its diligent work force, location near the Canadian border, hydro-power and others.
"School environment, number of schools, and environment are big factors in attracting business," added Kucharski. "They want bright people to recruit, like Geico, Yahoo, and a number of expansions are already in our region."