Legal Trickery – Eric A. Parzianello

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Florida Laws Make Its Business Tax Climate #5 In Nation; Michigan is #17

Posted by Eric Parzianello on September 28, 2009

Considering a new business venture as the economy starts to recover? Consider Florida.

The Tax Foundation, a nonpartisan tax research group based in Washington, D.C., released its 2010 State Business Tax Climate Index last week. Florida’s tax laws gave the state the fifth friendliest business climate, behind only South Dakota, Wyoming, Alaska and Nevada. Michigan ranks #17 nationally.

The broad index measures five tax benefits offered to business: corporate tax, individual income tax, sales tax, unemployment insurance tax and property tax. Florida’s lack of any individual income tax contributes to its high overall ranking; however, it also received favorable marks in unemployment tax (#3) and in corporate tax (#15).

Michigan’s ranking is helped by its relatively low sales tax which places it as ninth best in the country.  However, that ranking is offset by Michigan’s exorbitant corporate taxes (ranking it #48 nationally) and unemployment insurance taxes (ranked #45).

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2 Responses to “Florida Laws Make Its Business Tax Climate #5 In Nation; Michigan is #17”

  1. JimmyBean said

    I don’t know If I said it already but …Great site…keep up the good work. 🙂 I read a lot of blogs on a daily basis and for the most part, people lack substance but, I just wanted to make a quick comment to say I’m glad I found your blog. Thanks, 🙂

    A definite great read..Jim Bean

  2. […] « Florida Laws Make Its Business Tax Climate #5 In Nation; Michigan is #17 […]

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