Florida Ranked 5th Best State for Tax Climate

The Tax Foundation, in its 2014 State Business Tax Climate Index, ranked Florida as the 5th best state for tax climate.  In scoring each state, the Index looked to individual income tax, sales tax, corporate tax, property tax, and unemployment insurance tax.  States that factored bettter in the index refrained from imposing at least one of the following taxes: corporate tax, individual income tax, and sales tax.  Florida imposes no individual income tax, but imposes a corporate tax (although only for C corporations over a $50,000 exemption) and sales tax. See “Indiana Edges Out Texas on State Business Tax Climate Index,” 2013 STT 197-4, October 10, 2013; Kelly Phillips Erb, "Go West Young Man: Best States for Businesses are in the West," October 10, 2013. Want to further discuss these issues?  Contact me at 954-944-3929 or nrumbak@rumbaklaw.com.*This document contains legal information, but does not contain legal advice.