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Nov 18
2010

Ten best and worst states for business taxes

Posted by annearf in taxessales taxincome taxcorporate taxcompliancebusiness taxes

annearf

Think the state taxes imposed on your company are too high? Or at least, steeper than in other places? A new report   ranking the best and worst state business tax climates can provide a clearer picture of how relatively onerous the situation is.

 The report, from the Tax Foundation, compares states on five separate aspects of their tax systems--property, corporate, individual income, sales, and unemployment insurance taxes--then adds the results up to a final, overall ranking. 

Who are the top winners and losers in the overall ranking? The best three include South Dakota, Alaska, and Wyoming, while the biggest losers are New Jersey, California (second worst), and New York (the very worst). According to the report, New York has the third worst individual income tax, ninth worst sales tax, and worst property tax.

Other notable points: Rhode Island improved from 44th place last year to 42nd, but has the worst unemployment tax system and third worst property tax system. As for Connecticut, it dropped from 38th in the 2010 index to 47th this year, largely due to a new "millionaire's bracket" on individual income taxes.

Because each state is rated with five components, some tax-friendly states have some unfriendly aspects to their systems. And some states with poor overall rankings  have some pretty good individual scores. For example, the winner South Dakota also came in number 36 in the unemployment insurance index. And New York was number 20 in the corporate tax index.

Here's a look at the 10 best and worst business tax climates:

10 Best

1. South Dakota

2. Alaska

3. Wyoming

4. Nevada

5. Florida

6. Montana

7. New Hampshire

8. Delaware

9. Utah

10. Indiana

 

10 Worst (Number 50 is the state at the bottom of the ranking)

 41. North Carolina

42. Rhode Island

43. Maryland

45. Iowa

46. Ohio

47. Connecticut

48. New Jersey

49. California

50. New York

 

 

 

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