Welcome

Musk Joins Billionaires on the Move, Heralding State Tax Battles

Dec. 10, 2020, 3:22 PM

Elon Musk, who says he has relocated to Texas from California, is just the latest billionaire to announce a move that could deliver big tax savings.

The mechanics of how the rich can enjoy those savings, however, are complicated and involve jumping through a few more hoops than simply announcing that they have moved from Los Angeles to Dallas, or New York to Miami. Spending a certain number of days out of the state, or changing documents like voter registration and drivers’ licenses, are unlikely to be enough.

Take, for example, California, which Musk has decried as “complacent.” About 700 ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.