Indiana recognized as top state for doing business in 2016

The State of Indiana racked up another accolade for its pro business atmosphere.

The site Area Development ranked the states on various methods and found Indiana #8 in “Doing Business In” and #10 “Overall Cost of Doing Business”.

Here’s what they found about the Hoosier state:

Highly ranked states tend to balance their advantages in different ways. Indiana, for example, does have a corporate income tax (with a rate that is on the decline), but it also compares favorably in workers’ compensation premium rates, and its cost of living is below average.

Indiana has made a number of moves in recent years to improve upon its business-friendly reputation. For example, 2014 legislation is resulting in a gradual reduction of the corporate income tax rate — this past summer it dropped from 6.5 percent to 6.25 percent, and it’ll keep dropping by a quarter percent every year through 2020. In 2021, it’ll settle in at 4.9 percent. The financial institutions tax rate is also heading south, a little at a time. The legislation, signed two years after Indiana joined the ranks of right-to-work states, also gave counties new leeway in creating tax breaks for businesses.

 

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