The Tax Foundation ranked each state’s tax programs based on how business-friendly they are. The more friendly the program, the higher the state was ranked.
The Beehive State ranked third in the nation for property tax rates and fifth for corporate, according to the study. The state’s sales tax rate was the lowest, ranking at 22nd.
“It is true that taxes are but one factor in business decision-making,” said Scott Drenkard, economist, and Joseph Henchman, vice president for state projects, both with the Tax Foundation. “Other concerns, such as raw materials or infrastructure or a skilled labor pool, matter, but a simple, sensible tax system can positively impact business operations with regard to these very resources.”
Salt Lake’s economy grew on average by 2.53 percent annually since 2001, despite the recession, making it one of the strongest among large metropolitan areas in the U.S., according to data from the Bureau of Economic Analysis.
Utah’s capital had the ninth highest average annual growth rate in GDP in the nation between 2001 and 2010 among metropolitan areas with a population of at least 1 million.
The state’s business-friendly policies have brought in companies like Scheel’s, eBay and Edwards Lifesciences. Deseret News
