TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Thursday, December 6, 2018

Honeywell Joins Exodus Of Companies Moving From High-Tax States To Low-Tax States Following Repeal Of State And Local Tax Deduction

Bloomberg, Honeywell Headquarters Leaves New Jersey for North Carolina:

Honeywell is snubbing New Jersey and heading south.

The manufacturer plans to move its headquarters to Charlotte, North Carolina, where it sees better opportunities for recruiting executive talent and will be closer to its operating units. About 800 employees will remain at its current offices in Morris Plains, New Jersey, according to a statement Friday.

Honeywell’s move follows other companies that have moved corporate offices out of states with elevated costs of living and high taxes, including General Electric Co.’s relocation of its headquarter to Boston from Connecticut. Those costs were exacerbated by a new law last year that removed state income-tax deductions on federal taxes. North Carolina has a lower state income tax than New Jersey for higher-paid employees.

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