Indiana’s tax climate ranked 10th in the nation
STATEHOUSE – Indiana’s tax climate ranked 10th in a national report released this week from the Tax Foundation, an independent, non-partisan organization that provides research and analysis on federal and state tax policy.
“I am pleased to see Indiana recognized for the progress we have made,” said State Representative P. Eric Turner (R-Cicero). “This session we passed a balanced budget that gives a blend of tax relief including the immediate elimination of the death tax, reduction of the financial institutions tax, continued corporate income tax reduction and a phased in income tax cut of 5 percent.”
The Tax Foundation’s State Business Tax Climate Index enables business leaders, government policymakers, and taxpayers to gauge how their states’ tax systems compare. The 2014 Index represents the tax climate of each state as of July 1, 2013, the first day of the standard 2014 state fiscal year.
This ranking is not the first time Indiana has been recognized for its business environment. Earlier this year, Indiana ranked 1st in the Midwest and 5th in the nation in Chief Executive magazine’s annual “Best & Worst States” survey. Indiana also ranked 1st in the Midwest and 2nd in the nation in Site Selection magazine’s annual Top 10 Competitive States of 2012 ranking.
The Indiana General Assembly enacted the largest state tax cut in Indiana history – more than $600 million a year. With a combination of income tax relief, inheritance tax repeal and other business tax reductions, Indiana is the only state in the country to achieve more than $1 billion in tax cuts over the next two years.
“Indiana has led the way in cutting taxes and implementing innovative fiscal policies, resulting in more jobs being created than most other states,” said Turner. “I am proud of the work we have done to keep Indiana on a path of continued economic growth and fiscal integrity.”
The Tax Foundation’s 2014 State Business Tax Climate Index can be found at www.taxfoundation.org.