Start spreading the news: New York has the worst business-tax climate in the country, according to a study released yesterday.
The Empire State was ranked dead last in the nonpartisan Tax Foundation’s annual ranking of state business climates — an embarrassing drop that puts New York behind Connecticut, New Jersey and California, which come in at 47th, 48th and 49th, respectively.
South Dakota was No. 1, followed by Alaska and Wyoming.
The Tax Foundation grades states by gauging their corporate, individual, unemployment, sales and property taxes.
“New York has a lot of things that tend to be indicative of bad tax policy,” said Kail Padgitt, a staff economist at the foundation who wrote the study.
Namely, the third-worst individual income tax, ninth-worst sales tax and the all-time worst property taxes.
New York’s sad decline began last year when it fell from 45th place in 2008 to 49th place, ahead of only New Jersey.
“Today’s news that the Tax Foundation ranks New York’s tax climate as the worst in the nation is another clear message that business as usual must end in Albany,” said Kenneth Adams, president and CEO of The Business Council of New York State.