Post-Mamdani Whiplash: Companies Moving Out of NYC and Virginia

Following the recent election, a wave of small and mid-sized businesses are relocating from high-tax states like New York and Virginia to Florida and Texas—seeking stability, lower compliance costs, and tax predictability. In this episode, attorney and CPA Chad D. Cummings explains the surge in redomestications and the legal mechanics behind them. Cummings & Cummings Law has seen a 225 percent increase in redomestication inquiries in the two weeks after the election, largely from professional service firms, family investment entities, and closely held corporations. These companies are not moving out of impulse; they are moving for survival. The discussion explores how redomestication allows a business to legally change its home state without dissolving, merging, or losing its EIN, credit history, or contracts—preserving continuity while escaping jurisdictions that penalize growth. Learn more: https://www.cummings.law/redomestication/