Indiana ranked first in the nation for cost of doing business, as well as eighth for its economy, in the recent CNBC “America’s Top States for Business 2015” scorecard.
“In a world where competition for job creation is tougher than ever, Indiana stands as the No. 1 state for business affordability,” said Gov. Mike Pence. “Businesses choose Indiana because growing here means focusing on job creation and investment, not taxes, regulation or other job-killing expenses.”
According to CNBC, cost of doing business scores are based on each state’s tax climate, state-sponsored incentives and utility and rental costs.
Economy rankings consider economic growth, job creation, consumer spending, major corporation headquarters and the residential real estate market.
In addition, the economic ranking serves as a measure of each state’s fiscal health based on credit ratings and outlook, state revenues and budget projections.
Indiana’s personal tax rate is scheduled to reduce to 3.23 percent by 2017, with the 2013 passage of largest tax decrease in state history. In 2014, Pence signed legislation also placing Indiana’s corporate tax on a reduction schedule, which is decreasing to 4.9 percent by 2021.