Missouri Business Tax Climate Remains Among Best in the Nation

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Nov 22, 2022, 08:00 ET

WASHINGTON, Nov. 22, 2022 /PRNewswire/ -- Missouri steadily remains one of the best overall states for business taxes in the country – and a top contender in the Midwest – earning a spot in the top 15 states for the fourth consecutive year, according to Tax Foundation's 2023 State Business Tax Index.

The Index is designed to show how well states structure their tax systems, providing a road map for improvement over short- and long-term. Determined by five components – individual income tax, sales tax, corporate income tax, property tax, and unemployment insurance tax – the Index enables business leaders, government policymakers and taxpayers to compare their states' tax systems to the rest of the country.

The ranking placed Missouri within the top four states for corporate tax index and unemployment insurance index and 7^th best overall in property tax rank. Missouri has improved its standing in the Index in the last six years, rising from 14^th place in 2016 to 11^th, where it has remained since 2020. Equipped with the second lowest corporate income tax rate (4%) in the country, a $11,000 taxable wage base for unemployment insurance and a 0.96% property tax rate, the Show-Me state's low taxes solidify its position as a preferred location for business.

Missouri's low corporate tax rate works in tandem with moderate business and labor costs, sponsored training and incentive programs as well as economical and predictable energy pricing.

Recent investments in Missouri are expected to bring in billions in economic impact to their respective areas, including an $800 million Meta data center near Kansas City and an $800 million American Foods Group beef processing plant in Warren County.

The rankings are in – Missouri is the perfect place for businesses seeking low taxes and ample opportunities!

About Missouri Partnership

Missouri Partnership is a public-private economic development organization focused on attracting new jobs and investment to the state and promoting Missouri's business strengths. Since 2008, Missouri Partnership has worked with partners statewide to attract companies that have created 31,000+ new jobs, $1.6 billion+ in new annual payroll, and $6 billion+ in new capital investment.

About The Tax Foundation

The Tax Foundation, a non-partisan research think tank based in Washington, D.C., is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and global levels.

Media Contact: Janelle Higgins | 314.541.4911 | [email protected]

SOURCE Missouri Partnership