The Hoosier State has declared a border war on their neighbor to the west, Illinois.
The online slide show seen at SolutionIndiana.com makes some fantastic points for anyone considering opening a business there or moving one from Illinois or Indiana.
For example, there are some obvious differences in the costs of operating a business in either Indiana or Illinois:
The potential savings appear to be everywhere. Would you rather spend $18,900 on unemployment insurance or $41,820?
The site goes on to detail the advantages offered to businesses:
- Indiana ranks first in the Midwest in the Tax Foundation’s 2011 Business Tax Climate Index (Oct. 2010).
- Indiana has the lowest business costs in the Midwest and is one of the top 10 lowest cost locations in the U.S. according to Forbes (Oct. 2010).
- Indiana ranks fourth in the nation for its business tax and regulatory climate according to the Enterprising States study by the U.S. Chamber of Commerce and National Chamber Foundation (May 2010).
- Indiana ranks best in the Midwest in Area Development magazine’s Top States for Doing Business study. (Oct. 2010).
- Indiana is one of nine states that now have triple-A credit ratings from all three agencies (Standard & Poor’s, Fitch, and Moody’s) due to the state’s significant financial management and budgeting practices, stable economic base, property tax reform, and economic development efforts to attract job creation and create economic diversification.
The differences are not just favorable for businesses, but also for individuals. Indiana ranks 19th on the local tax chart, while Illinois is at #8 and rising as their state government considers many options for dealing with the ticking fiscal time bomb. Just last summer it was reported that Illinois has a $15 billion dollar shortfall in the current year, and conservative estimates say their state pension fund is at least 50% underfunded.
It is no wonder that people have been leaving the state in droves.Between 1995 and 2007, Illinois lost over 85,000 taxpayers to border states. One study estimates that from 1991 to 2009, Illinois lost an average of one citizen every ten minutes. That translates to over 1.25 million people leaving and taking a considerable amount of money with them.
The Illinnoyed have been voting with their feet for years, Indiana just got a little smarter and is reeling them in.