State Tax Considerations for Locating a Business: SALT and Incentives, Weighing Factors by Business Type
Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
Intermediate
- work Practice Area
Corporate Tax
- event Date
Thursday, September 7, 2023
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
110 minutes
-
BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
This webinar will review the relevant state and local tax factors a business should consider when deciding where to start or move its operations. Our panel of state subject matter experts will explain the applicable state and local taxes and tax rates, state incentives, and economic and other considerations that should be assessed, as well as discuss how the significance of these considerations varies based on the nature of a business.
Mr. Busch is a Managing Director in BDO’s Specialty Tax Services – State and Local Tax (SALT) practice. He has more than 20 years of SALT experience in “Big 4” public accounting, assisting medium to Fortune 500 companies with complex state corporate income tax issues.
Mr. Fadden's background includes managing property tax compliance outsourcing, complex property compliance and consulting, personal and real property tax appeal negotiations, personal property tax audits, property tax abatements, and performing obsolescence studies.
Mr. Tourian is currently an experienced manager at BDO specializing in state and local tax. Prior to BDO, he was the senior legal advisor for the New York City Department of Finance’s Tax Audit and Enforcement Division, where he provided legal support to audit staff on substantive issues concerning apportionment and other tax matters. Mr. Tourian started his career at the California Franchise Tax Board’s Multistate Tax Law Bureau. At FTB, Ted practiced before the Board of Equalization and authored many important rulings.
Mr. Weisfuse has 15 years of experience managing business incentive and site selection projects on behalf of Fortune 500 companies. Adept at leading dynamic teams, spearheading business development, and solving complex challenges impacting clients. Skilled in Location Strategy, Project Management, and Corporate Real Estate Portfolio Optimization.
After considering 18 factors, Forbes ranked Indiana the best state to start a business and New York the worst. In contrast, the Tax Foundation ranks Indiana ninth on its State Business Tax Climate Index and New Jersey at the bottom of the Index. The best and worst state to locate a business varies significantly with each venture. What is certain is the need to weigh all the relevant factors for a particular business before deciding where to locate or relocate a company.
Among these considerations are a state's income and sales tax rates. States like Florida, Tennessee, and Texas offer no state income tax. Tennessee, however, has almost the highest sales tax rate of any state, 9.548%. Alaska, Delaware, and Oregon offer no state sales tax, although local jurisdictions may impose sales taxes. Most states provide incentives to encourage businesses to locate in their state. Some states exempt personal property from taxation, while others exempt inventory. Even unemployment insurance taxes vary significantly by state. A business' activity contributes to the significance of each factor when deciding where to move.
Listen as our panel of SALT experts points out the significant factors to consider when locating a business and provides examples of the determination for certain companies.
- SALT considerations when locating a business: introduction
- Income tax and other local tax considerations
- Property tax
- Sales tax
- State incentives
- Other economic and non-tax considerations
The panel will cover these and other critical issues:
- Specific state incentives offered to entice businesses
- Weighing relevant SALT factors based on the nature of a business
- States whose economic climate is conducive to business
- Examples of making a determination of where to locate based on the type of business
Learning Objectives
After completing this course, you will be able to:
- Identify states with the highest income tax rates
- Determine how economic conditions affect the decision of where to locate
- Decide which states offer incentives to entice businesses
- Ascertain how the nature of a business impacts the decision of where to locate
- Field of Study: Taxes
- Level of Knowledge: Intermediate
- Advance Preparation: None
- Teaching Method: Seminar/Lecture
- Delivery Method: Group-Internet (via computer)
- Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
- Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of SALT taxation, nexus and apportionment as it applies to multi-state businesses.
Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.
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