(CBSMiami) — Florida is fifth out of 50…a very good ranking when it comes to a state’s business tax climate.Teen Seriously Hurt in Major Car Crash in Lauderhill
The ranking is based on an individual ranking for its corporate income, individual income, sales, unemployment insurance and property taxes, which are analyzed on more than 100 variables in a state’s tax rate.READ MORE: Stimulus Check Latest: Is A Fourth Relief Payment Coming?
“The absence of a major tax is a dominant factor in vaulting many of these states to the top of the rankings,” the report said. Those possible missing taxes include the corporate tax, individual income tax or sales tax.
Florida has no individual income tax.MORE NEWS: COVID In Florida: 3,231 New Cases, 33 Additional Deaths Reported Sunday
The South Florida Business Journal contributed material for this report.