The 10 Most Tax-Friendly States for Businesses

According to the Tax Foundation, the 10 most business-friendly states in 2017 all have one thing in common: they’ve done away with one or more major taxes.
VMD Staff
Published: January 20, 2017
Veterinary practice owners 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 nonprofit, nonpartisan tax research organization based in Washington, DC. They’ve been at it since 1937.  
 
Each year, the Tax Foundation provides an index of how favorable tax climates are for businesses on a state-by-state level.  
 
The system is designed to show how well states structure their tax systems, and the rankings provide a roadmap for improvement in each state.  
 
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, and sales tax.  
 
Here’s where the top 10 states rank.
 
10. Oregon
  • No sales tax
  • Although not a factor in the Tax Foundation survey, Oregon also ranks among the worst states for student loan debt.

9. Utah
  • Levies all major tax types considered by the Tax Foundation
  • Rates are low, though, and on a broad tax base.

8. Indiana
  • Levies all major tax types considered by the Tax Foundation
  • Rates are low, though, and on a broad tax base.

 7. New Hampshire
  • No sales tax
  • However, WalletHub ranks it among the states with the highest property tax burdens.

6. Montana
  • No sales tax

5. Nevada
  • No corporate income tax
  • No individual income tax
  • Nevada does have a gross receipts tax.

4. Florida
  • No individual income tax
  • Ranks among WalletHub’s 7 best states for retirement
  • Not a factor in the Tax Foundation survey, but Palm Coast, Florida has one of the highest annual salaries for veterinarians.
  • Also unrelated to the Tax Foundation survey, the University of Florida ranks #14 on the list of the best veterinary medicine graduate schools.

3. Alaska
  • No individual income tax
  • No state-level sales tax
 
2. South Dakota
  • No corporate income tax
  • No individual income tax
  • The state ranks among the seven best for retirement, according to WalletHub.

1. Wyoming
  • No corporate income tax
  • No individual income tax
  • Wyoming ranks among the seven best states for retirement, according to WalletHub.
  • Also according to WalletHub, Wyoming ranks among the 10 happiest states.


 
 

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