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Tax Foundation Names Best States for Doing Business

With business regulations on the rise, some corporations may seek to reduce their governance, risk & compliance (GRC) burden and improve tax planning by choosing American states that are more friendly to their industries. According to a new study from the Tax Foundation, Wyoming, Florida and

With business regulations on the rise, some corporations may seek to reduce their governance, risk & compliance (GRC) burden and improve tax planning by choosing American states that are more friendly to their industries. According to a new study from the Tax Foundation, Wyoming, Florida and Texas were among the top 10 best states for businesses regarding taxes.

Meanwhile, California, New Jersey and New York were at the bottom of the list when it comes to pleasant tax climates, the foundation said. The State Business Tax Climate Index analyzes data from more than 100 tax provisions of every state and then compares its findings to rank them.

"Even in our global economy, a state's strongest and most immediate competition often comes from other states," stated Tax Foundation economist Scott Drenkard. "State lawmakers need to be aware of how their states' business climates match up to their immediate neighbors and to other states in their region."

An earlier study from ChiefExecutive.net, released in May 2012, surveyed 650 business leaders to determine which states they felt were easiest to operate in based on tax, regulation, local workforce quality and living environment. In that ranking, Texas took the top spot, while Illinois, New York and California filled the bottom three slots, respectively.