Where does your state rank?
The tax climate for businesses varies dramatically depending on the state in which the business resides. State business environments are constantly shifting as some states readily enact changes made at the federal level, while others do not.
Each year the non-profit Tax Foundation organization announces a ranking of tax burdens for businesses. The results of their 2014 ranking are noted here.
|The 10 best states in this year’s Index:||
The 10 worst business tax burden states:
Most of the above states are favorable for businesses because they lack one of the common tax revenue types. Some states lack corporate taxes while others have no sales tax or individual income taxes. Indiana is unique in that is has all the major tax classifications but they are just lower rates than most other states.
|The common themes within these non-friendly business states are high tax rates with complex tax code. Minnesota stands out here as recently enacted tax changes will impact the cost of doing business within the confines of this state.|
Want to learn more? The full study is available at www.taxfoundation.org