ME improves slightly for business tax burden
Maine is 37th in the nation for its business tax climate, a slight improvement over last year’s No. 38 spot, according to an annual report from Washington, D.C.-based Tax Foundation.
Maine scored high -- No. 10 -- in sales tax and earned the No. 30 spot for individual income tax, but was near the bottom for corporate tax, at No. 47. The state ranked No. 40 for unemployment insurance tax and No. 38 for property tax, according to the report. The report called out Maine for being one of nine states that uses the federal alternative minimum tax on corporations and individuals, created to ensure all taxpayers pay some minimum level every year. The report said that system encourages companies to cut back or shift their investments, putting those states at a competitive disadvantage. Maine was highlighted, however, for having one of the lowest combined state and average local sales tax rates, at 5%.
The best state on this year’s list was Wyoming, and the worst was New Jersey.
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