Illinois is the 48th Best State for Business 2014

“Corporate tax rates in Illinois are lower than many competing states in the region and the country,” Gov. Pat Quinn told Chief Executive magazine in February. When you take into account the tax incentives we offer for new business investment, Illinois has one of the lowest effective corporate tax rates in the United States… [It’s a] top state for business, as more and more domestic and foreign firms are realizing every day.”

May 8 2014 by JP Donlon


Previous State: New Jersey Next State: New York

No. 48 Illinois

Taxations & Regulations

Workforce Quality

Living Environment

Key Metrics
State GDP 

  • % Growth ’12-’13: 0.9
  • % Growth ’11-’12 v. Nat’l Avg. (2.5%): -0.6

Unemployment

  • Unemployment Rate Dec. 2013 %: 8.6
  • Comparison with Nat’l Rate (6.70%): 1.9

Domestic Migration

  • Domestic Net Migration 2013: -67,313
  • Rank: 49

State Government

  • State Debt per Capita Fiscal Year ’13 ($): 5,569
  • State & Local Gov’t Employees per 10k Residents: 503.1

State-Local Tax Burden

  • Rate (%): 10.2%
  • Compared to Nat’l Avg. (9.9%): 0.34%
Key Companies
  • Abbott Laboratories
  • McDonald’s Corporation
  • Allstate Corporation
  • Walgreens
  • Archer-Daniels-Midland
  • Deere & Co.
Development Trend Indicator: Negative
Anti-growth hot mess can only coast on Chicago’s economic engine for so long.
CEO Comments
“Corruption and union pensions have made Illinois a poor alternative for business. Continually avoiding to address and fix the problems have only exacerbated the situation. More conservative states are easier to work in and with.” 

“Illinois is rated in the worst category; their taxing scheme is deleterious toward small business.The Illinois Dept of Revenue seems most adversarial with respect to small business support and promotion. The Illinois House assembly is inept in addressing the hard issues associated with putting the state’s financial condition in order; they are a taxing and spending machine with little regard to the consequences and impacts to its citizens and businesses.”

“Illinois is a horrendous state in which to do business. It is governed by a class of incompetent, corrupt politicans. It’s like doing business in a third-world country.”


Based on CEO Survey by ChiefExecutive.net

Sources:
Bureau of Economic Analysis
Bureau of Labor Statistics
NewGeography.com
The Tax Foundation