Indiana moved up one spot to rank 10th in the 2014 State Business Tax Climate Index, officials announced Wednesday. Texas was bumped out of the Top 10 for the first time.
The Tax Foundation, a Washington-based nonpartisan research organization, started ranking states 10 years ago with the goal of prompting discussion among policymakers.
With this report, were asking, How well is your tax code structured? Are businesses in your state spending too much time complying with onerous tax provisions? Are you double taxing things you shouldnt? Tax Foundation economist Scott Drenkard said in a statement.
South Dakota, Nevada and Alaska took the first three places. Indiana is the only Midwestern state in the top 10. Elected officials routinely tout the states business tax climate as an asset in attracting new employers and jobs.
Seat backs in trucks cause of GM recall
General Motors is recalling almost 22,000 full-size pickup trucks to fix problems with manual front reclining seat backs.
The recall affects 2014 Chevrolet Silverado and GMC Sierra pickups built at the Allen County truck assembly plant, GM spokeswoman Stephanie Jentgen said.
The vehicles were sold in the U.S., Canada and Mexico.
The issue has been resolved with the seat manufacturer, Jentgen said in an email. Most of the trucks affected are still on dealer lots and have been repaired.
Canadian safety regulators say the seats could move in a rear-end crash, and the head rests might not protect passengers as designed. GM says it doesnt know of any crashes or injuries caused by the problem.
Dealers will inspect trucks seat backs and adjust them if needed, officials said.
Menís Wearhouse rejects $2.3 billion bid
Mens Wearhouse rejected a $2.3 billion cash takeover offer from Jos. A. Bank, saying the bid significantly undervalued the company and wasnt in the best interest of shareholders.
Jos. A. Bank, based in Hampstead, Md., disclosed Wednesday that it had made a nonbinding proposal Sept. 18 to acquire Mens Wearhouse for $48 a share, 36 percent higher than Tuesdays closing price.
The suitor is pouncing at a moment of turmoil for Houston-based Mens Wearhouse, which cut its profit forecast last month and removed founder George Zimmer as executive chairman over strategy disagreements in June. Mens Wearhouses last reported annual sales of about $2.5 billion were more than twice those of Jos. A. Bank, and it also has a higher market value.
Wal-Mart splits from India partner
Wal-Mart Stores said Wednesday that it is splitting from its Indian business partner and cannot move forward with plans for its own retail stores in India because strict government regulations on sourcing from local small businesses make it impossible.
The move by the worlds largest retailer is a blow to Wal-Marts expansion plans in India as well as the countrys attempts to attract foreign investment in the huge but underdeveloped retail sector. Wal-Mart already runs a wholesaling joint venture in India and will continue that business, buying out partner Bharti Enterprises.
Wal-Mart did not name any other Indian partner – which would be necessary to open its own retail outlets.