Tax climate: How Colorado compares to other states

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"As federal lawmakers look to simplify the tax code and remove barriers to business investment, several states have already shown how tax reform could make the USA more competitive".

An inventory tax is a tax placed on inventory held in the state by businesses.

IN came in 9th place overall for the 2nd year in the 2018 State Business Tax Climate Index.

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The Tax Foundation, a think tank in Washington, D.C., looked at which tax codes could attract business and create jobs.

The Tax Foundation focused on five major taxes - individual income, corporate, property and sales - as well as unemployment insurance.

"While the amount of revenue a state raises gets a lot of attention, it doesn't tell the whole story about a state's tax system", said Jared Walczak, a policy analyst with the Tax Foundation.

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"State lawmakers ... need to be more concerned with companies moving from Detroit, Mich., to Dayton, Ohio, than from Detroit to New Delhi", the study notes. The report ranked the tax systems of all fifty states and put OH at number 45.

They also said a reduction in the capital stock tax rate, from 0.125 to 0.1 percent, could eventually improve the state's property tax ranking. "You're paying on things that have very little to do with your actual economic output, but rather your corporate structure", said Walczak. "All states [do that] to some degree, but IL more than most does rely heavily on targeted incentives to maintain jobs in the state despite the high rates".

"This administration has been rigorous and effective in constraining state spending growth to the lowest level in modern history - resulting in lower taxes for all New Yorkers", said spokesman Morris Peters, referring to the annual 2 percent cap on state spending increases. The goal of its annual study is to serve as a "diagnostic tool" for policymakers, individuals and businesses. Walczak said, by comparison, IN ranked ninth overall on the index.

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"Real-world businesses look at that and say that makes us less competitive operating in a state like OH", said Walczak. New Jersey, for example, is hampered by some of the highest property tax burdens in the country, is one of just two states to levy both an inheritance tax and an estate tax, and maintains some of the worst-structured individual income taxes in the country.

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