Study claims Illinois one of most expensive places to start a business. Here's why
Illinois was named one of the most expensive states in the U.S. to start a business, according to data examined by a Utah-based software company.
The research team at ranked Illinois the fifth-most expensive state behind California, New Jersey, Massachusetts and New York. Illinois has the nationÃÞ»¨ÌÇÖ±²¥™s second-highest corporate tax rate at 9.5%, along with the second-highest property tax rate in the U.S. The study found that IllinoisÃÞ»¨ÌÇÖ±²¥™ income tax rate and electricity costs are more moderate, ranking 27th and 25th most expensive in the country.
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Why is Illinois one of the worst states to start a business?
looked at nine key factors to determine the most and least expensive states for a startup; these include income tax, corporate tax, property tax, average monthly electric bill, sales tax, LLC business filing fees, gross domestic product (GDP) per capita, personal consumption expenditures (PCE) per capita, and internet crime losses. Zibtek assigned each factor a numerical value to identify the most expensive states to start a business.
Vermont, Connecticut, Minnesota, Hawaii, and Pennsylvania rounded out the 10 most expensive states to start a new business.
What are the best states to start a business?
The 10 least expensive states to start a new business are Wyoming, South Dakota, Nevada, Ohio, Texas, Kentucky, Mississippi, Arkansas, Montana, and North Carolina.