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ND Chamber

ND Chamber

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Published by Rob Port

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Published by: Rob Port on Jul 12, 2012
Copyright:Attribution Non-commercial

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07/12/2012

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\ORIH
DAhOIA
'ilAVllrR/(:OMVTR(
r
Tax
Reform
Key
to
State's
ContinuedEconomic
Success
he
upcoming Legislaiive
Seiiiori
is six months
away,
2Al2Tax
Foundation Report.
North
Dakota
has somestate business
tax
climate,
and
the follor+'ing chart
illustrates
and one
of
the key topics
will
be
tax
reform. According to
the
room for
improvement. The
state was
ranked
29h
in
terms
of
how
North
Dakota ranks
in
other key
tax
categories:State
lawmakers
need
to
be aware
of
how
North
Dakota
matches
up
with
its immediate
neighbors
and
other
states
in
the
region.Currently, two of
the
state's
threeneighbors
are
in
the
top
10
(SouthDakota
#2
and
Montana
#8) in
terms
of
state business
tax climate
and
Wyoming,which
is
in
the
same
region
as
North
Dakota, ranks
#1.
As
NorthDakotat
economy
-qro\\'s
and businesses
look to
expand
andgrou-.taxes areone
factor
thelrvill
considerq'henchoosing
rvhere
to
locate.
Unlike
changes
to health
care,
implement.
changes
to the tax code
can
quickly
improve
a
state'sbusiness
climate.
Taxes
matterto business. Business
taxes
affect
business
decisions,
job
creation
and
retention, location,
competitiveness,
the
transparency
of
the taxsystem,
and
the
long-term
health
of
astate'seconomy.
With
today'smodern
market
characterized
bymobilecapital
and
labor,
businesses
tend
to
locatewhere they
have
the
greatest
competitive
advantage.
Evidence
shows states
with
thebest
tax
systems
will
be
the most
competitive in
attractingnew
businessesand
most
effective
at
generatingeconomicgrowth.
It
is
important
to note
taxes are
one
factor in
business
decision
making.
North
Dakota isatop
a
greatwealth
of
natural
resources
and
coupled
with
the economic
downturn
the
rest
olthe
nation
is
experiencing
and the
fact
businesseshavebeen
willing
to
move towhere
the
natural
resources are
located
the
state has
experiencedgreateconomic
success.
But how long
will
that
last?
Where
North
Dakota's
business
climate
comes
intoplay
is
in
the
necessary
diversiflcation
of
its
economy.
Tosustain
long-termgrowth,North
Dakota
needs
to
become more
business
friendly.
One
of
the
ways
this
strucrure.
In
the last
legislative
session, the
NorthDakota
Chamberled the
charge
to
cut
individual
and
corporate income
taxes
by
20 percent.The
top individuai
rates
fell
from
4.86percent
to
3.99percent,
while
the
top
corporate rate
fell
from
6.5
percent
to
5.15percent.Together
these changes
improved
North Dakotat
rank from
33'd
to
29'h.
In
the
upcoming
session
North Dakota
is
in
the
positionto offer
aneven
greatertax
relief
package,
and the
North
DakotaChamberis
in
the
process
of working
with
its members
and
business
leaders
to
develop
this
package.
Now
is
the
time to
make
a
move towards
a
more
business
friendly
tax
structure that
will
help
diversify this
ever
growing
economy.
sysfems;-v*Iich
t.akedecadestu-
--
--ran-tie
a<reomptishefisthrorrgfi-improvirgthestate'sttrtr-
THEVOICE
OF
NORTH
DAKOTA
BUSINESS

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