For the seventh consecutive year, Utah has been ranked as the state with the best economic outlook by the authors of Rich States, Poor States, published by the American Legislative Exchange Council. New York was ranked 50th, or worst in the nation for economic outlook.
Rounding out the top 10 for best economic outlook are South Dakota (2), Indiana (3), North Dakota (4), Idaho (5), North Carolina (6), Arizona (7) , Nevada (8), Georgia (9) and Wyoming (10).
Rounding out the bottom 10 for worst economic outlook are Vermont (49), Illinois, (48), California (47), Minnesota (46), New Jersey (45), Connecticut (44), Montana (43), Oregon (42), and Rhode Island (41).
This is the seventh year ALEC has published the report, which evaluates states based on 15 variables including taxes, labor policies and regulations.
“We’ve wanted to be focusing on areas legislators could influence and change in a relatively short time,” said ALEC economist and report co-author Jonathan Williams. The evaluation...
Virginia’s failure to report how much it doles out in tax credits to each company through the Major Business Facility Job Tax Credit is dragging down the state’s overall spending transparency score.
That isn’t likely to change anytime soon though.
Tax credits aren’t spending, per se — even though that tax revenue has to be made up somewhere, either through more taxes or spending cuts.
So, while a grant to a company would have to be reported, tax credits become easy political tools for state...
Tennessee legislators this week are considering a bill to phase out the state’s 6 percent tax on dividend and other investment income. Tennessee already has no tax on wages or salaries.
The state’s tax on dividend and other income is known as the “Hall Income Tax” after State Senator Frank Hall, who led the fight for it in 1929.
Gov. Bill Haslan has publicly opposed the tax cut but more than half the state’s legislators from both sides of the political aisle have signed a pledge to do away with...