Wyoming, Florida and Texas rank as the best states for taxes on business, according to the Tax Foundation’s recent State Business Tax Climate Index.
Many of the states in the Top 10 do without one or more of the major taxes, such as corporate tax or sales tax. For example, Wyoming, Nevada and South Dakota have no corporate or individual income tax; Alaska has no individual income or state-level sales tax; Florida has no individual income tax; and New Hampshire and Montana have no sales tax.
The Index focuses on how the elements of a state tax system enhance, or harm, the competitiveness of a state’s business environment. In its 8th edition, the Index is used by business leaders, government policy makers, and taxpayers to gauge how their states’ tax systems compare to others nationwide.
The Top 10 states with the best tax climates for business include:
- South Dakota
- New Hampshire
The lowest ranked states include:
- North Carolina
- Rhode Island
- New York
- New Jersey
About the Tax Foundation
The Tax Foundation is a nonpartisan tax research group based in Washington, D.C. The foundation has monitored fiscal policy at the federal, state and local levels since 1937.
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