At least Garden State residents can say they beat out New York.
New Jersey came in 49th in the Tax Foundation's ranking of state business tax climates. The rankings were based on tax rates and their complexity, according to the organization's website. The rankings took into account sales tax, income tax, corporate income tax, unemployment insurance tax and property tax rates.
New Jersey, for example, has the third highest income tax and the highest property tax in the country, according to the organization's website.
"The goal of the State Business Tax Climate Index is to start a conversation with policymakers about how their states fare against the rest of the country,” foundation economist Scott Drenkard said in a release. “With this report, we’re asking: ‘how well is your tax code structured? Are businesses in your state spending too much time complying with onerous tax provisions? Are you double taxing things you shouldn’t?’”
The top business tax climates, according to the report? Wyoming, South Dakota, Nevada and Alaska.
In studies, officials at the Center on Budget and Policy Priorities have found no consensus on any correlation between state tax levels and economic growth.