According to this year’s Index, “the absence of a major tax is a common factor among many top ten states.” 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, making them desirable places to own property.
The 10 best states in this year’s Index are:
1. Wyoming
2. South Dakota
3. Alaska
4. Florida
5. Nevada
6. Montana
7. New Hampshire
8. Utah
9. Indiana
10. Oregon
The 10 lowest ranked, or worst, states in this year’s Index are:
41. Rhode Island
42. Louisiana
43. Maryland
44. Connecticut
45. Ohio
46. Minnesota
47. Vermont
48. California
49. New York
50. New Jersey
Reasons to consider Nevada for a home or business:
No personal income tax.
No corporate income tax.
No gross receipts tax.
No franchise tax.
No inventory tax.
No tax on the issuance of corporate shares.
No requirements of shareholders or directors to live in Nevada.
No tax on sale or transfer of shares.
No succession or inheritance with the IRS.
No sharing of information with the IRS.
Simple annual requirements.
Protection for directors and officers.
No initial or minimum capital requirements.
Anonymity of owners-total privacy.
Low property taxes.
Business-friendly environment.
Walczak, J., Drenkard, S., & Bishop-Henchman, J. (2017, October 17). 2018 State Business Tax Climate Index.
Retrieved January 16, 2018, from https://taxfoundation.org/state-business-tax-climate-index-2018
