Florida taxes fifth best in nation, Tax Foundation study finds

Published Oct. 28, 2014

Florida's tax climate is the fifth best in the county, according to a report from the Tax Foundation.

The foundation's State Business Tax Climate Index analyzes each state's code in five categories: corporate, individual income, sales, property and unemployment insurance taxes.

Florida ranked first this year in individual income tax structure, third in unemployment tax structure, 14th in corporate tax, 12th in sales tax and 16th in property tax.

Overall, Florida also was ranked fifth last year.

The state with the best tax climate is Wyoming followed by South Dakota, Nevada and Alaska. The worst state is New Jersey followed by New York, California, Minnesota and Vermont, the study concludes.

"States are punished for overly complex, burdensome and economically harmful tax codes but are rewarded for transparent and neutral tax codes that do not distort business decisions," a news release about the study, now in its 11th edition, states.

The Tax Foundation is a nonpartisan Washington, D.C., think tank that generally has a pro-business leaning and has been largely backed by conservatives.