The Tax Foundation today released the 2015 version of their annual State Business Tax Climate Index – which ranks the tax structure of states according to how (relatively) attractive they are to lure jobs and investment.
The index is in its 11th year, and for the first ten years NC performed terribly – ranking among the worst ten or fifteen states annually. This year, however, offers a much different outlook. According to a Foundation press release:
Washington, DC (Oct 28, 2014)—North Carolina now has the 16th best tax climate in the U.S. according to the latest edition of the State Business Tax Climate Index, released this morning by the nonpartisan Tax Foundation. The Tar Heel State’s rank rose 28 places from its 44th place ranking last October, the largest improvement in a single year in the history of the report.
“This is one of the most impressive state tax reform effort we’ve seen in the last 10 years,” said Tax Foundation Economist and Manager of State Projects Scott Drenkard. “While other states might reform one or two elements of their tax code, North Carolina leapt over 28 states by passing reforms on corporate, individual, and sales taxes. This level of reform—both in scope and craftsmanship—is rare.”