Why should you consider moving your business to Phoenix? Or why move to Phoenix for your career? The Phoenix CEO CFO Group has researched the some of the benefits and features of Phoenix, Arizona.
Phoenix has a diverse economic base of Companies. Greater Phoenix has a number of Public Corporations based in the Valley, from production to service industries, including high-tech, bio-industry and aerospace.
Phoenix is the 6th largest city in the United States. Greater Phoenix has a Population that is over 3.5 million. (Greater Phoenix includes the cites of Phoenix, Scottsdale, Tempe, Chandler, Mesa, Glendale, Peoria, Gilbert and others)
Phoenix has a reasonable tax environment. Arizona has a flat-rate corporate income tax that was lowered in January 2001 to 6.968 percent. A $50 minimum tax liability is imposed for each tax period. The tax base starts with Arizona gross income, which is equal to federal taxable income plus the federal deduction taken for state taxes paid. Arizona gross income is then adjusted by a number of additions and subtractions to arrive at taxable income.
For Arizona Personal Income Taxes, the state uses a graduated rate structure and the Federal Internal Revenue Code as the basis for tax computation. Arizona taxable income is equal to federal adjusted gross income, modified by a number of state additions and subtractions. This amount is further reduced by exemptions and standard or itemized deductions. The personal income tax rates range from 2.97% to 5.04%.
For Phoenix Property Taxes, Arizona has two components of property taxes – primary and secondary. The total effective tax rate for businesses in Greater Phoenix is approximately 3.0 percent of net assessed value.
Phoenix has a strong University and Community College system. Greater Phoenix has a variety of higher educational opportunities that produce a steady flow of new work force entrants, as well as provide opportunities for continuing education and customized training for existing area employees and businesses.
Phoenix has a world class international airport. Phoenix Sky Harbor International Airport is the fifth busiest airport in the world for takeoffs and landings, with 550,000 arrivals and departures annually. There is also a network of eight municipal airports, including military reuse facilities, with available space to expand. Greater Phoenix has the perfect climate for flight operations, with 300 days of sunshine a year.
Phoenix is close to California cities and Las Vegas. California cities and Las Vegas are approximately 300 to 400 miles away from Phoenix and accessible via a short plane trip or about a half-day car ride.
Phoenix has angel and venture capital firms. There are a number of venture capital firms that will finance Arizona companies. The Phoenix CEO CFO Group keeps up to date on the information about these firms.
Phoenix is close to Mexico. Mexico is a source of trade, oil and a future seaport. A US company is building an oil refinery in Yuma, Arizona with plans to eventually process Mexican oil from a pipleline that is being proposed from Mexico. Plans are also underway to develop the port in Guaymas, Mexico to relieve the congested Long Beach port. This would give Phoenix a close seaport.
Mexico is Arizona’s largest trade partner, buying over $3.7 billion of Arizona-produced goods in 2004, a mixture of goods, software and computer hardware. In 2004 Arizona’s exports exceeded $13.4 billion.
Phoenix has a great quality of life. Phoenix has four major professional sports teams, outdoor recreation, and many points of interest and culture.
There are seven lakes within an hour of Greater Phoenix that offer fishing, boating, water skiing, picnic areas, and camping. There are also many opportunities for hiking, mountain biking and off-road driving in and around the Greater Phoenix area.
Greater Phoenix has over 40 museums and 230 art galleries and is home to the internationally acclaimed Heard Museum, which spotlights southwestern and American Indian cultures. Phoenix also offers performing arts including the Phoenix Symphony, Arizona Opera, and Broadway Theater.
Phoenix has a good standard of living. Greater Phoenix is one of the most affordable major metro areas in the U.S. Overall cost of living in Greater Phoenix is below the national average.