September 30, 2014
3:51 pm

Michigan's Tax Climate Holds Steady

While there may not be a lot of great news coming out of Washington amidst the current federal shutdown, the Tax Foundation has delivered some good news to Michigan businesses and residents regarding the tax climate in the state.  Michigan ranks 14th out of the 50 states in the union in a new report...and that maintains the level we advanced to a year ago.

The 2014 State Business Tax Climate Index from the Tax Foundation keeps Michigan in 14th place while Texas dropped out of the top ten for the first time ever, and Virginia and Kentucky both fell three places on the list.  

For Michigan...the 2013 State Business Tax Climate had advanced four spaces from 18th place in 2012, and maintaining the gain is at least some relief for the region.

Analysts said that states that lost ground usually did so this year because they changed policy in a way that makes the tax code more complex, burdensome, or economically harmful.  By contrast, the report says that states that are improving have done so because they are moving closer to a tax code that collects revenue without necessarily distorting business decisions.  Their tax codes became more neutral.

The top ten states for 2014 are Wyoming (#1), South Dakota (#2), Nevada (#3), Alaska (#4), Florida (#5), Washington (#6), Montana (#7), New Hampshire (#8), Utah (#9), and Indiana (#10).  

You can read the entire report here:

http://taxfoundation.org/article/2014-state-business-tax-climate-index

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