Wyoming has once again been awarded the distinction of being the most tax-friendly state in the Union based on tax codes for the fiscal year of 2015. According to the Tax Foundation’s 2015 State Business Tax Climate Index, Wyoming is ranked first overall—largely due to its lack of corporate tax or state income tax, and its low property taxes.
According to the report, “states with the best tax systems will be the most competitive at attracting new businesses and most effective at generating economic and employment growth,” a statement backed by Wyoming’s 7.6% GDP growth.
The report’s findings have broader implications than to business owners alone. “The tax friendliness of Wyoming is very attractive to individuals whose business allows them to work from virtually any location. Jackson Hole offers one of the most beautiful places in the world to live either full or part time and when combined with the tax advantages, it becomes the most attractive and logical choice for people looking at the complete package,” describes Ed Liebzeit, associate broker with Jackson Hole Sotheby’s International Realty.
The results were welcomed, although not a surprise. Wyoming also garnered the top spot for tax friendliness in 2014, 2013, 2012…. Go ahead and celebrate—the state makes it easy with the lowest beer tax (two cents/gallon) in the nation as well.
See the full report from The Tax Foundation.