The 10 Most Tax-Friendly States for Businesses

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According to Tax Foundation, the 10 most business-friendly states in 2017 all have one thing in common: they've done away with one or more of the major taxes, which, according to the foundation, include corporate income, individual income or sales tax.

The 10 Most Tax-Friendly States for Businesses

The practice owners among our readership are all too familiar with how a state’s tax climate can affect running a business. And so are the analysts at the Tax Foundation, a politically independent organization that researches tax policy. They’ve been at it since 1937.

Each year, Tax Foundation provides readers with an index of how favorable tax climates are for businesses on a state-by-state level.

“While there are many ways to show how much is collected in taxes by state governments, the index is designed to show how well states structure their tax systems, and provides a roadmap for improvement.”

According to Tax Foundation, the 10 most business-friendly states in 2017 all have one thing in common: they’ve done away with one or more of the major taxes, which, according to the foundation, include corporate income, individual income or sales tax.

Oregon

10. Oregon

· No sales tax.

· Not a factor in the Tax Foundation survey, but Oregon also ranks among the worst states for student loan debt.

Utah

9. Utah

· Levies all major tax types considered by Tax Foundation.

· Rates are low though, and on a broad tax base.

· Not a factor in the Tax Foundation survey, but at least one expert thinks the state has a glut of dentists.

Indiana

8. Indiana

· Levies all major tax types considered by Tax Foundation.

· Rates are low though, and on a broad tax base.

New Hampshire

7. New Hampshire

· No sales tax.

· However, WalletHub ranks it among the states with the highest property tax burdens.

Montana

6. Montana

· No sales tax.

Nevada

5. Nevada

·No corporate income tax.

·No individual income tax.

·Nevada does have a gross receipts tax.

·Ranks among the 10 highest-paying states for dentists, according to the Bureau of Labor Statistics.

Florida

4. Florida

· No individual income tax.

· Ranks among WalletHub’s seven best states for retirement.

Alaska

3. Alaska

· No individual income tax.

· No state-level sales tax.

· Ranks among the best states for dental visits in 2014, according to the Centers for Disease Control and Prevention.

South Dakota

2. South Dakota

· No corporate income tax.

· No individual income tax.

· Ranks among the seven best states for retirement, according to WalletHub.

Wyoming

1. Wyoming

· No corporate income tax.

· No individual income tax.

· Ranks among the seven best states for retirement, according to WalletHub.

· Ranks among the 10 happiest states, according to WalletHub.

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