Florida Ranks 4th for Tax Competitiveness

Date: December 06, 2017

Related Content: News Economy Florida

According to the Tax Foundation’s 2018 State Business Tax Climate Index, Florida ranked No. 4 for its tax competitiveness, holding steady at its 2017 rank.

The Foundation’s annual index is designed to help business leaders, government policymakers, and taxpayers determine how their state’s tax system compares to others.

Here’s how Florida rated on all metrics:

 

Corporate tax: 19th

Individual income tax: 1st

Sales tax: 29th

Unemployment insurance tax: 2nd

Property tax: 10th

The study’s authors also noted that the “absence of a major tax is a common factor among many of the top 10 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. Wyoming, Nevada, and South Dakota 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, Montana, and Oregon have no sales tax.”

Overall, Wyoming ranked No. 1, and New Jersey ranked worst at No. 50.

Click here for more information about the study, and to see how neighboring states ranked.

Related Content: News | Economy | Florida

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