Indiana Tax Climate Tops Midwest

Posted: Updated:
(graphic courtesy of the Tax Foundation) (graphic courtesy of the Tax Foundation)
WASHINGTON, D.C. -

Indiana's tax system is once again among the top in the nation. The Washington D.C.-based Tax Foundation's 2019 State Business Tax Climate Index ranks Indiana 10th for its overall tax climate and number one in the Midwest. 

The Tax Foundation says the index is designed to show how well states structure their tax systems and provide a road map for improvement. The states are ranked based on variables in several categories, including corporate tax, individual income tax, sales tax, property tax, and unemployment insurance tax. 

Indiana's overall ranking fell one spot compared to last year's index. The foundation cites Indiana's consistent rate reductions made possible through various tax reform efforts between 2011 and 2016.

"Subsequent legislation established a further schedule of corporate income tax reductions through fiscal year 2022. For 2018, the corporate income tax rate declined from 6 to 5.75 percent. This rate reduction, among other changes, drove an improvement of six places on the corporate component of the Index. The Hoosier State and Utah continue to post the best rankings among states which impose all the major taxes."

Wyoming is at the top of the 2019 index, followed by Alaska, South Dakota, Florida and Montana. New Jersey is listed at number 50 on the index. You can view the full report below:

  • Perspectives

    • Chris Watts is president of the Indiana Fiscal Policy Institute.

      Revenue Forecast Shapes State Spending – And Surplus - Negotiations

      This week, the State Budget Committee heard an updated revenue forecast that could best be described as overcast but not stormy – yet.  Sales taxes, the largest source of state revenue, fared well from the December forecast – down a modest $15 million over the 2020-21 budget (and likely to be buoyed by new policies for online hotel and retail sales taxes moving through the legislature).  Individual income taxes showed a more dramatic decline, continuing a...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • The Vogue opened as a movie house in 1938, then reopened as a nightclub in 1977. (Picture Courtesy: The Vogue)

      Tech Vets Purchase Popular Indy Nightclub

      A group of Indianapolis tech entrepreneurs has bought a popular nightclub in the city's Broad Ripple neighborhood. High Alpha co-founder Eric Tobias and former MOBI executives Scott Kraege and Andrew Davis say they will retain the Vogue's current staff to manage the venue's day-to-day operations. The new owners say they will detail plans to reinvigorate the Vogue through enhanced fan experience and engagement in the coming months. Tobias, Kraege and Davis purchased the Vogue...

    • (photo courtesy WorkOne Northwest Indiana)

      Job Fair Set For Michigan City

      Officials in LaPorte County will Thursday host the fourth annual Michigan City Community Job Fair. More than 60 employers, universities, training providers, skilled trades and community organizations will be on hand to discuss job opportunities and career paths.

    • Chinese Company Adding Hundreds of Indiana Jobs

      A Chinese automotive brake and suspension system manufacturer has announced plans to set up its first U.S. production facility inside Progress Park in Greenfield. BeijingWest Industries Co. Ltd., whose customers include Audi, BMW, General Motors and Porsche, will invest more than $80 million to build the 276,000 square-foot plant, creating up to 441 high-wage jobs by 2021. Greg Dronen, global facilities director for BWI, tells Inside INdiana Business the company plans to...

    • The Vogue opened as a movie house in 1938, then reopened as a nightclub in 1977. (Picture Courtesy: The Vogue)

      New Vogue Owners Plan Enhancements For 'Historic' Venue

      The new owners of the Vogue in Indianapolis say the venue combines their passions inside and outside of their roles as tech entrepreneurs. High Alpha co-founder Eric Tobias and former MOBI executives Scott Kraege and Andrew Davis say they are hoping to increase the frequency and variety of events at the Broad Ripple venue while enhancing the experience for artists and patrons. During an interview with Inside INdiana Business, Tobias said he and is partners are also investing in...

    • During construction, traffic will be diverted.

      Angola Runs for Spot on 'Best Historic Small Town' List

      Angola is representing the Hoosier state as a nominee for Best Historic Small Town for USA Today’s 10Best Reader’s Choice Travel Awards. The town is being featured for its Civil War monument and historic movie house.