Is Moving to Tax-Free NH Good for Your Business: One Tenant’s Story
Joe Guyton and his wife moved from Lynnfield, Massachusetts to a home on the coastline of New Hampshire “they just had to have.” They didn’t expect to move to the granite state, but as soon as they did, they knew it was the right choice for them both financially and personally.
Joe Guyton’s business known as, Guyton Group, is now located at Pease International Tradeport in Portsmouth, New Hampshire. Portsmouth is the heart of the granite state and offers top notch school systems, quality healthcare, and a scenic downtown area. When asked what Joe Guyton likes most about doing business in New Hampshire, he responded, “Everything is better. Significantly lower costs. No sitting in traffic or the headache of commuting to the office. No parking issues. It’s just a much better quality of life.”After Joe Guyton and his wife moved to their new home in Rye, New Hampshire, and moved their business to Pease Tradeport, the advantages of living in a tax-free state became clear to them. Not only was there less traffic, the Guyton’s were also saving a tremendous amount of money despite the property taxes being higher. In New Hampshire, state residents pay an average of 13% of income in taxes and fees – Federation of Tax Administrators, https://www.taxadmin.org/.
Despite the property taxes being higher, the granite state ranks number one nationally in the Livability Index. This index is a combination of eight different national quality of life rankings. Each is weighted evenly, and the total rankings are added together to reach the total rank. The categories include Standard of Living, Most Livable State, Safest State, Child and Family Well-being, Healthiest State, Percent of Population that Graduated High School, and Per Capita Income – https://stayworkplay.org/stay/quality-life/.
New Hampshire also holds a strong position in high technology industries- consistently ranking in the top 20% of states in high technology industry concentration – which has brought numerous tangible benefits to the state, including significantly raising the standard of living for New Hampshire resents as a whole – NH Science and Technology Plan. While the state does levy a 5% rate on interest and dividends, all other personal income is untaxed, meaning pass-through entities like LLCs retain much more of their income.
Joe Guyton is certainly glad he made the move to New Hampshire and thinks that moving to the granite state for the tax benefits has its merits. If you’re considering moving your business to the granite state, it’s also important to keep in mind the overall tax burden as a percent of income is 7.6% for NH as opposed to 9.5% MA, 10.2% in RI, 10.3% in VT and 11.1% in CT. With less money being put to taxes, the more money you can put towards your business!
Find out how a move to tax-free New Hampshire can help your business. Contact our team at Two International Group or call (603) 436-8686 and let us help you find the perfect office space for your needs.