Gov. Gary Herbert loves to tout that Utah is a great place for business, but a new analysis ranks us as the #9 “most tax-friendly state for business.”
The rankings from 24/7 Wall Street took into account more than 100 metrics including personal income tax, unemployment and corporate taxes.Â
Wyoming, South Dakota, Nevada, Alaska and Florida made up the top-5 in the rankings. Why did Utah only get to #9?
9. Utah
> Taxes collected per capita:Â $1,958 (13th lowest)
> Unemployment:Â 4.7% (7th lowest)
> Corporate taxes collected per capita:Â $89 (19th lowest)
> Sales tax rate: 5.95% (25th lowest)Utah was awarded some of the top grades in the nation for its property and corporate tax policies, receiving the fourth- and fifth-best scores, respectively, out of all 50 states. Also, Utah’s corporate income tax rate of only 5% is one of the lowest in the nation. As of August, the unemployment rate in Utah was only 4.7%, down from a peak of 8.4% in December 2009 and well-below the national jobless rate of 7.3%. The state’s abundant natural resources, including copper and oil and natural gas, and a vibrant tourism industry boost the economy.
