Good for them... too bad they didn't move to Texas ;-)
See also: Tom Golisano in NY.
Now if the company moves, let's hope they don't bring a bunch of wealthy Illinois libs with them to a red(dish) state like Florida.
The power to tax is the power to destroy...
How do you 'apply' for residency? Isn't it just a matter of moving there?
The owner of Jimmy John’s isn’t the brightest bulb on the tree.
He’s running a franchise company with plenty of revenue, but few expenses. He shouldn’t be looking to Florida, which will levy a 5.5% tax on corporate income. That’s lower than Illinois’ new 9.5% rate, but he can do better. He also shouldn’t be looking to Indiana, which he has talked about, as their tax rate is 8.5%. That isn’t much better than Illinois’, and IF (huge if) Illinois’ tax law doesn’t change, Illinois will revert to a lower tax rate than Indiana in 2015. No way does he recover moving expenses if that happens.
If he wants to move, he needs to find a state with a corporate tax structure that is kind to his sort of business. IMHO, his best choices are:
1) South Dakota - 0% corporate tax
3) Wyoming - 0% corporate tax
4) Ohio - 0.26% tax on gross receipts
5) Texas - 1.0% tax on gross receipts
I wanna meet this guy.
He’s from my hometown, went to the same high school as my B.I.L., has his headquarters (for now!) in the town of my alma mater, and now he’ll be moving to my current State of residence.
Oddly, I didn’t even know he or his business existed until about two years ago, when my Boss told me about one of his sandwich shops about three minutes from our office.
Crain’s reports Jimmy John’s corporate to begin move in 2013
By Staff reports
The State Journal-Register
Posted Sep 28, 2012 @ 08:23 AM
The Jimmy John’s chain will begin moving its operation out of Illinois early next year, making good on the owner’s threat to leave as a result of a 2011 state income tax increase, Crain’s Chicago Business reports.