North Carolina is a good place to do business – at least when it comes to taxes – according to a new study by the Council On State Taxation that puts the state in a three-way tie for the second lowest business tax burden in the country.
Business taxes made up 3.7 percent of the gross state product in North Carolina, Maryland and Delaware in 2010. The only state with a lower percentage was Connecticut, at 3.3 percent. Alaska claimed the top position, with business taxes making up 13.3 percent of that state’s gross product.
The study found that businesses paid $619 billion in total state and local taxes in 2010, for a national average of business taxes accounting for 5 percent of states’ gross products.
The study also found that corporate income tax collections were down 5.8 percent from 2009 to $44.1 billion, making up the lowest share of business taxes in the nine-year history of the study. The decline reflects the on-going effects of the recession on business profits, the report states.
The report was prepared by Ernst & Young LLP Ernst & Young LLP
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Follow this company for the council, which bills itself as a nonprofit trade association formed to promote equitable state and local taxation.
In related news, state tax collections in North Carolina were actually up earlier this year.
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