New Mexico ranked No. 25 in 2019 business climate index


25 finished at No. 25 among the 50 states in the Washington-based Tax Foundation’s analysis of how states’ tax systems affect their ability to attract and retain businesses.

The analysis examined more than 100 variables involving the states’ primary methods of taxation: corporate taxes, individual income taxes, sales taxes, unemployment insurance taxes and property taxes. Many of the top-rated states lack one of those five major taxes, but a few apply all the taxes with low rates and broad bases.

25 ranked No. 21 for its corporate tax; No. 31  for its individual income tax; No. 41 for its sales tax; No. 1 for its property tax; and No. 10 for its unemployment insurance tax.

The State Business Tax Climate Index, which was released in September, aims to show how state tax systems compare with each other and provide a blueprint for improvements, according to a post on the foundation’s website. The study is based on tax rules in effect for fiscal year 2018-2019.

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Which States Have the Best Business Tax Climates?

State

Corporate Tax Rank

 Individual Income Tax Rank 

 Sales Tax Rank 

Property Tax Rank

Unemployment Insurance Tax Rank

Overall Rank

Wyoming

1

  1 

  6 

38

  36 

1

Alaska

25

  1 

  5 

23

  35 

2

South Dakota

1

  1 

  33 

28

  39 

3

Florida

6

  1 

  22 

11

  2 

4

Montana

12

  22 

  3 

10

  21 

5

New Hampshire

45

  9 

  1 

44

  44 

6

Oregon

30

  36 

  4 

17

  37 

7

Utah

5

  10 

  16 

3

  16 

8

Nevada

33

  5 

  40 

8

  45 

9

Indiana

18

  15 

  12 

2

  11 

10

Delaware

50

  41 

  2 

9

  3 

11

North Carolina

3

  16 

  20 

33

  7 

12

Michigan

11

  12 

  11 

22

  49 

13

Missouri

4

  25 

  25 

7

  8 

14

Texas

49

  6 

  37 

37

  18 

15

Tennessee

24

  8 

  46 

29

  22 

16

North Dakota

23

  20 

  32 

6

  14 

17

Colorado

16

  14 

  38 

12

  40 

18

West Virginia

13

  28 

  17 

18

  30 

19

Washington

44

  6 

  49 

25

  19 

20

Idaho

26

  23 

  26 

4

  48 

21

Virginia

10

  35 

  10 

30

  43 

22

Kentucky

27

  17 

  14 

35

  47 

23

Nebraska

28

  26 

  9 

40

  9 

24

New Mexico

21

  31 

  41 

1

  10 

25

Oklahoma

9

  33 

  39 

19

  1 

26

Arizona

17

  19 

  47 

5

  13 

27

Kansas

34

  21 

  31 

20

  15 

28

Massachusetts

37

  11 

  13 

46

  50 

29

Maine

41

  24 

  7 

41

  24 

30

Mississippi

15

  27 

  35 

36

  5 

31

Wisconsin

35

  39 

  8 

21

  41 

32

Georgia

8

  38 

  29 

24

  38 

33

Pennsylvania

43

  18 

  21 

34

  46 

34

South Carolina

19

  34 

  34 

27

  27 

35

Illinois

39

  13 

  36 

45

  42 

36

Rhode Island

32

  29 

  23 

43

  29 

37

Hawaii

14

  47 

  24 

16

  26 

38

Alabama

20

  30 

  48 

15

  12 

39

Maryland

22

  45 

  18 

42

  28 

40

Vermont

38

  37 

  15 

49

  20 

41

Ohio

46

  44 

  28 

13

  6 

42

Minnesota

42

  46 

  27 

31

  25 

43

Louisiana

36

  32 

  50 

32

  4 

44

Iowa

48

  42 

  19 

39

  33 

45

Arkansas

40

  40 

  44 

26

  34 

46

Connecticut

29

  43 

  30 

50

  23 

47

New York

7

  48 

  42 

47

  31 

48

California

31

  49 

  43 

14

  17 

49

New Jersey

47

  50 

  45 

48

  32 

50

Source: Tax Foundation

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