Tax Foundation Releases 2024 State Business Tax Climate Index

Last week, the Tax Foundation published its annual State Business Tax Climate Index, which compares states on several key tax metrics including corporate taxes, individual income taxes, sales and excise taxes, property and wealth taxes, and unemployment insurance taxes. The Index is relied upon by policymakers and advocates to understand how their state’s tax code stacks up relative to peer states and identify areas for improvement.

South Carolina saw modest improvement in its overall tax climate ranking in this year’s version of the Index, going from 31st to 29th. This marks the first time that the Palmetto State’s ranking has dipped into the twenties since 2014.

Looking across the Southeast, South Carolina’s overall tax climate ranking rests squarely in the middle of neighboring states with Florida and North Carolina both inside the top ten at 4th and 9th respectively, Tennessee at 15th, Georgia at 32nd and Alabama at 39th.

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