50 State Series: How to move your LLC or corporation out of New York and keep your EIN

New York ranks dead last on the Tax Foundation’s 2026 State Tax Competitiveness Index, below New Jersey, California, and every other state in the country. In this presentation, Chad D. Cummings, CPA, Esq., explains why New York has become the clearest warning sign for business owners, including its 10.9 percent top state income tax rate, New York City’s 3.876 percent income tax, combined state and city rate reaching 14.776 percent, tax benefit recapture rule, convenience of the employer rule, estate tax, aggressive corporate tax structure, highest state and local debt per capita in the country, and new pied-a-terre tax on second homes and investor-owned apartments valued at $5 million or more. On $1 million of annual pass-through income, a New York City business owner can face $147,760 of state and city income tax, compared to zero in Florida and zero in Texas. The presentation also explains how business redomestication can transfer a company out of New York without dissolving the company, forming a new entity, losing its EIN, disrupting contracts, or sacrificing business credit history when handled with proper legal and tax formalities. Learn more: https://www.cummings.law/redomestication/