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WASHINGTON, D.C. — The Tax Foundation has ranked Florida as the fifth best state in the U.S. in its 2014 State Business Tax Climate Index.
Although Florida's ranking remains unchanged from the 2013 index, state rival Texas dropped out of the top 10 for the first time in the index's 10-year history, to No. 11.
The index measures states' business tax climates by collecting data on more than 100 tax provisions for each state and synthesizing them into a score. The scores form a basis to compare states with each other.
“The states that lost ground this year usually did so because they changed policy in a way that makes the tax code more complex, burdensome, or economically harmful,” Tax Foundation economist Scott Drenkard says in a release. “By contrast, the states that improved did so because they are moving closer to a tax code that collects revenue without unnecessarily distorting business decisions. Their tax codes became more neutral.”
The top 10 states for tax business climate in 2014 are:
1. Wyoming
2. South Dakota
3. Nevada
4. Alaska
5. Florida
6. Washington
7. Montana
8. New Hampshire
9. Utah
10. Indiana
The 10 lowest ranking states in 2014 are:
41.Maryland
42. Connecticut
43. Wisconsin
44. North Carolina
45. Vermont
46. Rhode Island
47. Minnesota
48. California
49. New Jersey
50. New York
The Tax Foundation is a nonpartisan research organization that monitors fiscal policy at the federal, state and local levels since 1937. To see the Tax Foundation's complete report, click here.
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