Tags: business | tax | climate | wyoming

Report Hails Wyoming As Top State for Business Tax Friendliness

By    |   Thursday, 30 Oct 2014 09:38 PM

Wyoming, land of big skies and a booming oil industry, offers businesses the most hospitable state tax environment in the country, according to new rankings from the nonpartisan Tax Foundation, The Washington Post reports.

Rankings for 2015 are derived from a state's tax rates and how fairly and predictably they fall on all businesses, the Post reports.

"Tax credits and breaks for specific companies or industries create an unfair tax code — essentially, a state that carves out exceptions is playing favorites," the Post's Reid Wilson writes. "Wyoming doesn’t use a lot of credits or breaks, and it doesn’t levy taxes on personal or corporate income."

Close behind "the Cowboy State" in the top 10 of the Business Tax Climate Index are states including South Dakota, Nevada, Alaska, and Texas.

The survey's ten worst, least-competitive state tax environments include Iowa, Vermont, California and New York.

Finishing dead last — No. 50 in the nation — is New Jersey.

"The states in the bottom 10 suffer from the same afflictions: complex, non-neutral taxes with comparatively high rates," states the Tax Foundation's report.

"New Jersey, for example, suffers from some of the highest property tax burdens in the country, is one of just two states to levy both an inheritance and an estate tax, and maintains some of the worst structured individual income taxes in the country," according to the report.

The Post noted that many in the top 10, Wyoming included, take in enough revenue from energy production to keep other taxes down. Wyoming in 2013 collected 40 percent of its taxes — $867 million — from oil and gas levies.

A Tax Foundation economist quipped to the Post that "step number one" for achieving low-tax status is, "find oil."

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Wyoming, land of big skies and a booming oil industry, offers businessesthe most hospitable state tax environment in the country, according to new rankings from the nonpartisan Tax Foundation, The Washington Post reports.
business, tax, climate, wyoming
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Thursday, 30 Oct 2014 09:38 PM
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