Florida remained in the fifth spot for the best state business tax climate, according to the Tax Foundation’s 2013 State Business Tax Climate Index.
The Sunshine State’s ranking is based on an individual ranking for its corporate income, individual income, sales, unemployment insurance and property taxes, which are analyzed on more than 100 variables in a state’s tax rate.
Nationwide, Wyoming took the top spot, followed by South Dakota, Nevada and Alaska.
“The absence of a major tax is a dominant factor in vaulting many of these states to the top of the rankings,” the report said. Those possible missing taxes include the corporate tax, individual income tax or sales tax.
Florida has no individual income tax.
The lowest ranked state business tax climates were New York, New Jersey, California, Vermont and Rhode Island.
Source: SFBJ