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INDIANAPOLIS — Indiana has retained its title as the best business tax climate in the Midwest, despite lawmakers this year hiking fuel taxes by 10 cents per gallon to pay for infrastructure improvements across the state.
The annual rankings released Tuesday by the nonpartisan Tax Foundation place Indiana ninth in the nation for having a tax system that enhances its business environment.
That was slightly better than Michigan (12th) and Missouri (16th). But Indiana significantly outpaced Illinois (29th), Kentucky (33rd), Wisconsin (38th), Iowa (40th), Ohio (45th) and Minnesota (46th).
"It's a very solid performance," said state Sen. Brandt Hershman, R-Buck Creek, chairman of the Indiana Senate Committee on Tax and Fiscal Policy.
The Tax Foundation rankings draw on 114 tax variables sorted into five components — income tax, sales tax, corporate tax, property tax and unemployment insurance tax — which then are weighted to reach a component and final score and rank for each of the 50 states and Washington, D.C.
The annual rankings released Tuesday by the nonpartisan Tax Foundation place Indiana ninth in the nation for having a tax system that enhances its business environment.
That was slightly better than Michigan (12th) and Missouri (16th). But Indiana significantly outpaced Illinois (29th), Kentucky (33rd), Wisconsin (38th), Iowa (40th), Ohio (45th) and Minnesota (46th).
"It's a very solid performance," said state Sen. Brandt Hershman, R-Buck Creek, chairman of the Indiana Senate Committee on Tax and Fiscal Policy.
The Tax Foundation rankings draw on 114 tax variables sorted into five components — income tax, sales tax, corporate tax, property tax and unemployment insurance tax — which then are weighted to reach a component and final score and rank for each of the 50 states and Washington, D.C.