Wyoming brings in another top ranking for tax climate

(The Center Square) – Wyoming once again ranks as the top state for overall business tax climate.

In individual categories, Wyoming is the top state for corporate tax and individual tax categories, as well as seventh in sales taxes, 34th in property taxes and 23rd in unemployment insurance taxes, according to the Washington, D.C.-based Tax Foundation’s 2024 State Business Tax Climate Index.

Wyoming is among states with no corporate or individual income tax. Researchers said the absence of a major tax is a “common factor” among many of the top-ranked states.

“Property taxes and unemployment insurance taxes are levied in every state, but there are several states that do without one or more of the major taxes: the corporate income tax, the individual income tax, or the sales tax,” the report’s authors wrote. “Nevada, South Dakota, and Wyoming have no corporate or individual income tax, though Nevada imposes gross receipts taxes, Alaska has no individual income or state-level sales tax, Florida has no individual income tax, and New Hampshire and Montana have no sales tax.”

South Dakota, Alaska, Florida and Montana round out the top-five states for overall tax climate. Other neighboring states ranked are Utah (8th), Idaho (16th), Colorado (27th) and Nebraska (30th). The five lowest-ranked or “worst states” in this latest Index are Massachusetts (46), Connecticut, California, New York, and New Jersey (50th).

- Advertisement -

“States in the bottom 10 tend to have a number of afflictions in common: complex, nonneutral taxes with comparatively high rates,” the co-authors wrote. “New Jersey, for example, is hampered by some of the highest property tax burdens in the country, has the highest-rate corporate income taxes in the country, and has one of the highest-rate individual income taxes.”

Wyoming has been the overall No. 1 state for business tax climate in the foundation’s index since 2011-12.

Hot this week

African and Caribbean Nations Call for Reparations for Slave Trade, Propose Global Fund

Nations across Africa and the Caribbean, deeply impacted by...

Sports betting expert offers advice on paying taxes for gambling winnings

(The Center Square) – Tax season is underway, and...

Health care company agrees to pay $22.5 million to settle claims of over billing

A health care company agreed to pay nearly $22.5...

Entertainment district benefits don’t outweigh the cost, economists say

(The Center Square) — Weeks later, after more details...

Business association ‘disappointed’ by WA L&I’s proposed workers comp rate hike

(The Center Square) – The Association of Washington Business...

Fish passage project in Olympic Peninsula not impacted by federal funding freeze

(The Center Square) – So far, federal funding remains...

Poll: Consumer sentiment highest since 2019 Trump administration

(The Center Square) – Inflation, 2.9% in the final...

Illinois quick hits: Illinois joins lawsuit agsinst Trump’s spending cuts

Illinois is among 22 states suing the Trump administration...

Nuclear recycling aims to reduce waste, provide ‘generational jobs’

(The Center Square) − A growing number of energy...

Trump signs order forcing agencies to work with DOGE

Billionaire Elon Musk joined President Donald Trump in the...

WA senator insists controversial remarks on parents’ rights taken out of context

(The Center Square) – Washington State Senate Majority Leader...

Lee’s $59.5B budget inlcudes $3.9B in new spending

(The Center Square) – Tennessee Gov. Bill Lee is...

More like this
Related

Fish passage project in Olympic Peninsula not impacted by federal funding freeze

(The Center Square) – So far, federal funding remains...

Poll: Consumer sentiment highest since 2019 Trump administration

(The Center Square) – Inflation, 2.9% in the final...

Illinois quick hits: Illinois joins lawsuit agsinst Trump’s spending cuts

Illinois is among 22 states suing the Trump administration...