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What are the friendliest tax states?

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Where are the best places in the country to do business from a tax perspective? You don’t have to look very far for an answer.

Alert: The Tax Foundation, an independent research group, recently posted its annual State Business Tax Climate Index (SBTCI) for 2015. It is based on figures as of July 1, 2014.

The SBTCI enables business leaders, government policymakers and taxpayers to compare their states’ tax systems. Although there are numerous ways to show how much is collected in taxes by state governments, the Tax Foundation designed the index to show how well states structure their tax systems and provides a road map for improvement

The 10 best states in this year’s index are:

1. Wyoming

2. South Dakota

3. Nevada

4. Alaska

5. Florida

6. Montana

7. New Hampshire

8. Indiana

9. Utah

10. Texas.

Conversely, the 10 states with the lowest rankings (highest taxes) are:

41. Iowa

42. Connecticut

43. Wisconsin

44. Ohio

45. Rhode Island

46. Vermont

47. Minnesota

48. California

49. New York

50. New Jersey.

The Tax Foundation reports on one notable “success story” in its 2015 edition. North Carolina, which was ranked in the bottom 10 in 44th place a year ago, moved up to a 16th place ­ranking.

 

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