Illinois shows improvement in State Business Tax Climate Index
The Tax Foundation recently released its 2016 State Business Tax Climate Index and Illinois improves from 31st to 23rd due to the sunset of higher corporate and individual income taxes enacted in 2011. Each year the Tax Foundation compiles the Index to rank the 50 U.S. states across more than 100 variables in the areas of corporate income tax, individual income tax, sales tax, property tax, and unemployment insurance tax.
The Index enables business leaders, government policymakers, and taxpayers to gauge how their states’ tax systems compare. While there are many ways to show how much is collected in taxes by state governments, the Index is designed to show how states structure tax systems and provide a roadmap for improvement.
The Tax Foundation is a non-partisan think tank based in Washington, DC, that serves as the nation’s leading independent tax policy research organization. Since 1937 its research, analysis, and experts have informed smarter tax policy at the federal, state, and local levels.
To review the key findings of the Index, please click here.