The Greater Boston Chamber released its third Competitiveness Scorecard, analyzing cost and competitiveness issues facing the Massachusetts economy. This edition focuses on the state’s corporate tax burden and business climate competition. Here are a couple findings:
“In FY 2009, Massachusetts’ corporate tax burden was the 8th highest in the country. This burden is 39% higher than the national average, and higher than a number of states that compete with the Commonwealth for job growth and business expansion. To cite just a few examples, compared to Massachusetts’ corporate tax burden Colorado’s is 76% lower, Connecticut’s is 63% lower, North Carolina’s is 55% lower, and Maryland’s is 40% lower. More examples are provided in the Scorecard.
In FY 2010, Massachusetts ranked the 4th worst on the Tax Foundation’s corporate tax index. The Tax Foundation, a nonpartisan, nationally-recognized tax research organization, bases its index ranking on a formula that weighs corporate income tax as well as policies governing net operating losses (NOL), credits, deductions and exemptions, and related tax base issues.”