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2017 State Business Tax Climate Index

16 min readBy: Jared Walczak, Scott Drenkard, Joseph Bishop-Henchman

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Executive Summary

The TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. Foundation’s State Business Tax Climate Index enables business leaders, government policymakers, and taxpayers to gauge how their states’ tax systems compare. While there are many ways to show how much is collected in taxes by state governments, the Index is designed to show how well states structure their tax systems, and provides a roadmap for improvement. The 10 best states in this year’s Index are:

  1. Wyoming
  2. South Dakota
  3. Alaska
  4. Florida
  5. Nevada
  6. Montana
  7. New Hampshire
  8. Indiana
  9. Utah
  10. Oregon

The absence of a major tax is a common factor among many of the top ten states. Property taxes and unemployment insurance taxes are levied in every state, but there are several states that do without one or more of the major taxes: the corporate income taxA corporate income tax (CIT) is levied by federal and state governments on business profits. Many companies are not subject to the CIT because they are taxed as pass-through businesses, with income reportable under the individual income tax. , the individual income taxAn individual income tax (or personal income tax) is levied on the wages, salaries, investments, or other forms of income an individual or household earns. The U.S. imposes a progressive income tax where rates increase with income. The Federal Income Tax was established in 1913 with the ratification of the 16th Amendment. Though barely 100 years old, individual income taxes are the largest source of tax revenue in the U.S. , or the sales taxA sales tax is levied on retail sales of goods and services and, ideally, should apply to all final consumption with few exemptions. Many governments exempt goods like groceries; base broadening, such as including groceries, could keep rates lower. A sales tax should exempt business-to-business transactions which, when taxed, cause tax pyramiding. . Wyoming, Nevada, and South Dakota have no corporate or individual income tax (though Nevada imposes gross receipts taxA gross receipts tax, also known as a turnover tax, is applied to a company’s gross sales, without deductions for a firm’s business expenses, like costs of goods sold and compensation. Unlike a sales tax, a gross receipts tax is assessed on businesses and apply to business-to-business transactions in addition to final consumer purchases, leading to tax pyramiding. es); Alaska has no individual income or state-level sales tax; Florida has no individual income tax; and New Hampshire, Montana, and Oregon have no sales tax. This does not mean, however, that a state cannot rank in the top ten while still levying all the major taxes. Indiana and Utah, for example, levy all of the major tax types, but do so with low rates on broad bases. The 10 lowest ranked, or worst, states in this year’s Index are:

  1. Louisiana
  2. Maryland
  3. Connecticut
  4. Rhode Island
  5. Ohio
  6. Minnesota
  7. Vermont
  8. California
  9. New York
  10. New Jersey

The states in the bottom 10 tend to have a number of shortcomings in common: complex, non-neutral taxes with comparatively high rates. New Jersey, for example, is hampered by some of the highest property taxA property tax is primarily levied on immovable property like land and buildings, as well as on tangible personal property that is movable, like vehicles and equipment. Property taxes are the single largest source of state and local revenue in the U.S. and help fund schools, roads, police, and other services. burdens in the country, is one of just two states to levy both an inheritance taxAn inheritance tax is levied upon an individual’s estate at death or upon the assets transferred from the decedent’s estate to their heirs. Unlike estate taxes, inheritance tax exemptions apply to the size of the gift rather than the size of the estate. and an estate taxAn estate tax is imposed on the net value of an individual’s taxable estate, after any exclusions or credits, at the time of death. The tax is paid by the estate itself before assets are distributed to heirs. , and maintains some of the worst-structured individual income taxes in the country.

Table 1. 2017 State Business Tax Climate Index Index Ranks and Component Tax Ranks
Overall Rank Corporate Tax Rank Individual Income Tax Rank Sales Tax Rank Unemployment Insurance Tax Rank Property Tax Rank
Note: A rank of 1 is best, 50 is worst. Rankings do not average to the total. States without a tax rank equally as 1. D.C.’s score and rank do not affect other states. The report shows tax systems as of July 1, 2016 (the beginning of Fiscal Year 2017). Source: Tax Foundation.
Source: Tax Foundation.
Alabama 32 14 22 48 14 16
Alaska 3 27 1 5 29 22
Arizona 21 19 19 47 13 6
Arkansas 38 40 29 44 30 24
California 48 33 50 40 16 15
Colorado 16 18 16 39 42 14
Connecticut 43 32 37 27 21 49
Delaware 19 50 34 1 3 20
Florida 4 19 1 28 2 10
Georgia 36 10 42 33 35 21
Hawaii 26 11 31 23 24 17
Idaho 20 24 23 26 46 2
Illinois 23 26 10 35 38 46
Indiana 8 23 11 10 10 4
Iowa 40 47 33 21 34 40
Kansas 22 39 18 30 11 19
Kentucky 34 28 30 13 48 36
Louisiana 41 36 27 50 9 30
Maine 30 41 25 8 44 41
Maryland 42 21 46 14 26 42
Massachusetts 27 37 13 18 49 45
Michigan 12 8 14 9 47 25
Minnesota 46 43 45 25 28 33
Mississippi 28 12 20 38 5 35
Missouri 15 5 28 24 7 7
Montana 6 13 21 3 19 9
Nebraska 25 29 24 12 8 39
Nevada 5 34 1 41 43 8
New Hampshire 7 46 9 2 41 43
New Jersey 50 42 48 45 25 50
New Mexico 35 25 35 42 17 1
New York 49 7 49 43 32 47
North Carolina 11 4 15 19 6 31
North Dakota 29 16 36 34 15 3
Ohio 45 45 47 29 4 11
Oklahoma 31 9 38 36 1 12
Oregon 10 35 32 4 33 18
Pennsylvania 24 44 17 20 45 32
Rhode Island 44 31 39 22 50 44
South Carolina 37 15 41 31 37 26
South Dakota 2 1 1 32 40 23
Tennessee 13 22 8 46 23 29
Texas 14 49 6 37 12 37
Utah 9 3 12 17 22 5
Vermont 47 38 44 16 20 48
Virginia 33 6 40 11 39 28
Washington 17 48 6 49 18 27
West Virginia 18 17 26 15 27 13
Wisconsin 39 30 43 7 36 34
Wyoming 1 1 1 6 31 38
District of Columbia 47 31 43 33 27 47

Notable Ranking Changes in this Year’s Index

Arizona

Arizona is in the process of lowering its corporate income tax rate. Scheduled annual rate reductions began in 2015 and will continue through 2018, with the rate declining from 6.0 to 5.5 percent in 2016. The first reduction helped the state improve three places on the corporate income tax component, and this year’s reduction moved the state a further three places on the corporate component, from 22nd to 19th, with the state’s overall rank improving from 22nd to 21st. The cuts have been aided by limitations on credits and other tax preferences, which have helped pay down rate reductions.

Arkansas

Arkansas lowered its top marginal rate from 7 percent to 6.9 percent, but simultaneously adopted new rate schedules, making it the only state in which taxpayers at different income levels pay under distinct rate schedules. This income recapture provision offsets the modest top marginal rate reduction, with the state’s rank declining from 29th to 30th on the individual income tax component.

Hawaii

The expiration of temporary tax increases in Hawaii resulted in the elimination of the top three individual income tax bracketA tax bracket is the range of incomes taxed at given rates, which typically differ depending on filing status. In a progressive individual or corporate income tax system, rates rise as income increases. There are seven federal individual income tax brackets; the federal corporate income tax system is flat. s and the lowering of the top marginal rate from 11 to 8.25 percent. Although the income tax still features an unusually numerous nine brackets, these changes improved the state from 37th to 31st on the individual income tax component, and from 30th to 27th overall.

Indiana

Last year, Indiana completed a four-year phasedown of its corporate income tax rate from 8.5 to 6.5 percent, the culmination of legislation adopted in 2011. Subsequent legislation enacted in 2014 established a further schedule of rate reductions through fiscal year 2022, when the corporate income tax will drop to 4.9 percent. For 2017, the rate declined from 6.5 to 6.25 percent, which, along with the elimination of the state’s throwback rule, bumped the state’s corporate component rank from 24th to 23rd. The state ranks 8th overall, an improvement from its rank of 10th in 2016.

Louisiana

Buffeted by structural shortfalls and declining revenue, Louisiana policymakers added a penny to the state sales tax, increasing the state rate from 4 to 5 percent while introducing greater complexity to the sales tax baseThe tax base is the total amount of income, property, assets, consumption, transactions, or other economic activity subject to taxation by a tax authority. A narrow tax base is non-neutral and inefficient. A broad tax base reduces tax administration costs and allows more revenue to be raised at lower rates. . With the combined state and local rate now approaching 10 percent, Louisiana slipped from 48th to 50th on the sales tax component of the Index, and declined from 36th to 41st overall.

Maine

Maine improved slightly (from 26th to 25th) on the individual component of the Index as a result of changes made to the state’s individual income tax, adding a third bracket (which hurts the state’s score) while lowering rates (which improved the state’s score). Rates were cut from 6.5 and 7.95 percent to three rates of 5.8, 6.75, and 7.15 percent.

New York

Two years ago, New York policymakers enacted a substantial corporate tax reform package that continues to phase in, with this year’s changes improving the state’s rank on the corporate income tax component from 11th to 7th. This year, the state lowered its corporate income tax rate from 7.1 to 6.5 percent and reduced the capital stock tax rate from 0.15 to 0.125 percent. The capital stock tax is on a path to repeal, which can be expected to yield improvements on the property tax component in future editions of the Index.

North Carolina

After the most dramatic improvement in the Index’s history—from 41st to 11th in one year—North Carolina has continued to improve its tax structure, and now imposes the lowest-rate corporate income tax in the country at 4 percent, down from 5 percent the previous year. This rate cut improves the state from 6th to 4th on the corporate income tax component, the second-best ranking (after Utah) for any state that imposes a major corporate tax. (Six states forego corporate income taxes, but four of them impose economically distortive gross receipts taxes in their stead.) An individual income tax reduction, from 5.75 to 5.499 percent, is scheduled for 2017. At 11th overall, North Carolina trails only Indiana and Utah among states which do not forego any of the major tax types.

Oklahoma

Oklahoma improved from 40th to 38th on the individual component of the Index as the individual income tax incorporated the first of two scheduled rate reductions. The state is in the process of lowering the income tax rate, subject to revenue triggers, in two stages, from 5.25 to 4.85 percent. The state met its first-year benchmark, resulting in a rate cut to 5.0 percent.

Pennsylvania

Pennsylvania’s capital stock tax, originally slated for elimination in 2014, was fully phased out in 2016, resulting in an improvement of six ranks on the property tax component, from 38th to 32nd. In tandem with improvements to the state’s previously worst-in-the-nation unemployment insurance tax structure, the elimination of the capital stock tax drove an improvement from 28th to 24th overall.

South Dakota

South Dakota increased its sales tax from 4.0 to 4.5 percent. The state’s rank on the sales tax component of the Index fell from 27th to 32nd, though the state still ranks 2nd overall by foregoing both individual and corporate income taxes. While South Dakota’s sales tax is still imposed at a low rate, its base includes a wide range of business inputs.

Texas

The rate of the Texas gross receipts tax, called the Margin Tax, fell from 0.95 to 0.75 percent in 2016. This improvement affected the state’s raw score on the corporate tax component, but did not result in an improvement in component rank. Texas fell slightly overall due to a relative decline on property tax rank.

District of Columbia

In 2014, the District of Columbia began phasing in a tax reform package which lowered individual income taxes for middle-income brackets, expanded the sales tax base, and raised the estate tax exemptionA tax exemption excludes certain income, revenue, or even taxpayers from tax altogether. For example, nonprofits that fulfill certain requirements are granted tax-exempt status by the Internal Revenue Service (IRS), preventing them from having to pay income tax. . While last year’s corporate income tax reductions improved the District’s standing on the Index, the new income tax brackets created in 2016 caused the District of Columbia to slip from 34th to 43rd on the individual income tax component, as the changes included the creation of an additional tax bracket and a new top rate kick-in of $1 million, up from $350,000. When changes to the corporate income tax are fully phased in, the District of Columbia is projected to improve from 31st to 25th on the corporate tax component of the Index.

Recent and Proposed Changes Not Reflected in the 2017 Index

Indiana

While Indiana phased in a further reduction of its corporate income tax this year, the final scheduled reduction in the state’s individual income tax rate, to 3.23 percent, is slated for 2017. The corporate income tax rate is also scheduled to phase down to 4.9 percent.

Mississippi

In 2016, Mississippi adopted a gradual phase-out of its capital stock tax, which will begin in 2018 and fully repeal the tax by 2028. The state will also begin phasing in a reduction in its corporate and individual income tax rates starting in 2018. These changes will be reflected in subsequent editions of the Index.

Missouri

In 2015, Missouri policymakers passed an income tax reduction that lowers the top rate by 0.1 percent each year starting in 2017, dependent on a revenue trigger. These changes will be reflected in the 2018 Index and subsequent editions.

New Mexico

New Mexico continues to phase in corporate income tax rate reductions, with the rate scheduled to drop to 5.9 percent by 2018. This year’s reduction, from 6.9 to 6.6 percent, did not improve the state’s rank, but as the rate continues to decline, these reforms will enhance the state’s standing in comparison to its neighbors and further improve its corporate tax component score.

Tennessee

In 2016, Tennessee began phasing out its Hall income tax, which is imposed on interest and dividend income. The Index includes this tax at a calculated rate to reflect its unusually narrow base. The first-year rate reduction was too small to change any component rankings, but Tennessee’s rank will improve once the tax is fully phased out in 2022.

Table 2. State Business Tax Climate Index Index (2014–2017)
State 2014 Rank 2014 Score 2015 Rank 2015 Score 2016 Rank 2016 Score 2017 Rank 2017 Score Change from 2016 to 2017
Rank Score
Note: A rank of 1 is best, 50 is worst. All scores are for fiscal years. D.C.’s score and rank do not affect other states.
Source: Tax Foundation.
Alabama 35 4.88 36 4.79 35 4.76 32 4.91 +3 +0.15
Alaska 4 7.27 4 7.27 3 7.38 3 7.29 0 -0.09
Arizona 22 5.18 24 5.13 22 5.19 21 5.21 +1 +0.02
Arkansas 38 4.72 40 4.61 41 4.50 38 4.60 +3 +0.10
California 48 3.78 48 3.76 48 3.76 48 3.76 0 0.00
Colorado 18 5.31 18 5.34 16 5.40 16 5.38 0 -0.02
Connecticut 43 4.48 43 4.45 43 4.35 43 4.34 0 -0.01
Delaware 15 5.49 15 5.45 14 5.52 19 5.32 -5 -0.20
Florida 5 6.85 5 6.84 4 6.89 4 6.86 0 -0.03
Georgia 37 4.72 38 4.70 39 4.61 36 4.68 +3 +0.07
Hawaii 32 4.93 32 4.93 30 4.93 26 5.13 +4 +0.20
Idaho 19 5.29 20 5.25 20 5.22 20 5.22 0 0.00
Illinois 28 4.98 31 4.94 23 5.18 23 5.21 0 +0.03
Indiana 10 5.82 10 5.80 10 5.81 8 5.96 +2 +0.15
Iowa 40 4.58 41 4.56 40 4.53 40 4.51 0 -0.02
Kansas 20 5.23 21 5.20 21 5.22 22 5.21 -1 -0.01
Kentucky 27 5.00 33 4.92 33 4.91 34 4.88 -1 -0.03
Louisiana 33 4.91 35 4.87 36 4.72 41 4.39 -5 -0.33
Maine 24 5.08 29 4.97 31 4.92 30 4.96 +1 +0.04
Maryland 42 4.48 42 4.48 42 4.40 42 4.36 0 -0.04
Massachusetts 23 5.17 25 5.12 25 5.15 27 5.13 -2 -0.02
Michigan 11 5.69 12 5.59 12 5.61 12 5.64 0 +0.03
Minnesota 47 4.18 47 4.16 46 4.19 46 4.19 0 0.00
Mississippi 21 5.22 22 5.18 26 5.13 28 5.13 -2 0.00
Missouri 13 5.52 16 5.44 17 5.39 15 5.45 +2 +0.06
Montana 6 6.36 6 6.33 6 6.31 6 6.27 0 -0.04
Nebraska 26 5.01 23 5.16 24 5.15 25 5.14 -1 -0.01
Nevada 3 7.45 3 7.43 5 6.45 5 6.46 0 +0.01
New Hampshire 7 6.13 7 6.09 7 6.14 7 6.11 0 -0.03
New Jersey 49 3.50 50 3.49 50 3.42 50 3.41 0 -0.01
New Mexico 34 4.90 34 4.87 34 4.88 35 4.85 -1 -0.03
New York 50 3.40 49 3.56 49 3.59 49 3.61 0 +0.02
North Carolina 41 4.52 11 5.60 11 5.67 11 5.73 0 +0.06
North Dakota 30 4.96 26 4.99 27 4.99 29 4.98 -2 -0.01
Ohio 44 4.24 44 4.25 45 4.23 45 4.27 0 +0.04
Oklahoma 31 4.93 28 4.97 32 4.92 31 4.95 +1 +0.03
Oregon 9 5.88 9 5.86 9 5.91 10 5.78 -1 -0.13
Pennsylvania 29 4.98 30 4.94 28 4.95 24 5.18 +4 +0.23
Rhode Island 46 4.22 45 4.20 44 4.33 44 4.30 0 -0.03
South Carolina 36 4.75 37 4.72 37 4.69 37 4.66 0 -0.03
South Dakota 2 7.56 2 7.55 2 7.47 2 7.49 0 +0.02
Tennessee 14 5.51 14 5.46 15 5.44 13 5.58 +2 +0.14
Texas 12 5.52 13 5.47 13 5.55 14 5.57 -1 +0.02
Utah 8 6.05 8 5.98 8 5.98 9 5.96 -1 -0.02
Vermont 45 4.22 46 4.19 47 4.17 47 4.13 0 -0.04
Virginia 25 5.01 27 4.99 29 4.94 33 4.90 -4 -0.04
Washington 16 5.41 17 5.37 18 5.38 17 5.38 +1 0.00
West Virginia 17 5.31 19 5.31 19 5.36 18 5.32 +1 -0.04
Wisconsin 39 4.63 39 4.67 38 4.63 39 4.57 -1 -0.06
Wyoming 1 7.78 1 7.79 1 7.76 1 7.76 0 0.00
District of Columbia 44 4.47 44 4.43 40 4.54 47 4.19 -7 -0.35

Introduction

Taxation is inevitable, but the specifics of a state’s tax structure matter greatly. The measure of total taxes paid is relevant, but other elements of a state tax system can also enhance or harm the competitiveness of a state’s business environment. The State Business Tax Climate Index distills many complex considerations to an easy-to-understand ranking. The modern market is characterized by mobile capital and labor, with all types of businesses, small and large, tending to locate where they have the greatest competitive advantage. The evidence shows that states with the best tax systems will be the most competitive at attracting new businesses and most effective at generating economic and employment growth. It is true that taxes are but one factor in business decision making. Other concerns also matter—such as access to raw materials or infrastructure or a skilled labor pool—but a simple, sensible tax system can positively impact business operations with regard to these resources. Furthermore, unlike changes to a state’s health care, transportation, or education systems, which can take decades to implement, changes to the tax code can quickly improve a state’s business climate. It is important to remember that even in our global economy, states’ stiffest competition often comes from other states. The Department of Labor reports that most mass job relocations are from one U.S. state to another rather than to a foreign location.[1]Certainly, job creation is rapid overseas, as previously underdeveloped nations enter the world economy without facing the third highest corporate tax rate in the world, as U.S. businesses do.[2]State lawmakers are right to be concerned about how their states rank in the global competition for jobs and capital, but they need to be more concerned with companies moving from Detroit, Michigan, to Dayton, Ohio, than from Detroit to New Delhi. This means that state lawmakers must be aware of how their states’ business climates match up against their immediate neighbors and to other regional competitor states. Anecdotes about the impact of state tax systems on business investment are plentiful. In Illinois early last decade, hundreds of millions of dollars of capital investments were delayed when then-Governor Rod Blagojevich proposed a hefty gross receipts tax.[3] Only when the legislature resoundingly defeated the bill did the investment resume. In 2005, California-based Intel decided to build a multibillion dollar chip-making facility in Arizona due to its favorable corporate income tax system.[4]In 2010, Northrup Grumman chose to move its headquarters to Virginia over Maryland, citing the better business tax climate.[5] In 2015, General Electric and Aetna threatened to decamp from Connecticut if the governor signed a budget that would increase corporate tax burdens, and General Electric actually did so.[6] Anecdotes such as these reinforce what we know from economic theory: taxes matter to businesses, and those places with the most competitive tax systems will reap the benefits of business-friendly tax climates. Tax competition is an unpleasant reality for state revenue and budget officials, but it is an effective restraint on state and local taxes. When a state imposes higher taxes than a neighboring state, businesses will cross the border to some extent. Therefore, states with more competitive tax systems score well in the Index, because they are best suited to generate economic growth. State lawmakers are mindful of their states’ business tax climates, but they are sometimes tempted to lure business with lucrative tax incentives and subsidies instead of broad-based tax reform. This can be a dangerous proposition, as the example of Dell Computers and North Carolina illustrates. North Carolina agreed to $240 million worth of incentives to lure Dell to the state. Many of the incentives came in the form of tax credits from the state and local governments. Unfortunately, Dell announced in 2009 that it would be closing the plant after only four years of operations.[7] A 2007 USA TODAY article chronicled similar problems other states have had with companies that receive generous tax incentives.[8] Lawmakers create these deals under the banner of job creation and economic development, but the truth is that if a state needs to offer such packages, it is most likely covering for an undesirable business tax climate. A far more effective approach is the systematic improvement of the state’s business tax climate for the long term to improve the state’s competitiveness. When assessing which changes to make, lawmakers need to remember two rules:

  1. Taxes matter to business. Business taxes affect business decisions, job creation and retention, plant location, competitiveness, the transparency of the tax system, and the long-term health of a state’s economy. Most importantly, taxes diminish profits. If taxes take a larger portion of profits, that cost is passed along to either consumers (through higher prices), employees (through lower wages or fewer jobs), or shareholders (through lower dividends or share value), or some combination of the above. Thus, a state with lower tax costs will be more attractive to business investment and more likely to experience economic growth.
  2. States do not enact tax changes (increases or cuts) in a vacuum. Every tax law will in some way change a state’s competitive position relative to its immediate neighbors, its region, and even globally. Ultimately, it will affect the state’s national standing as a place to live and to do business. Entrepreneurial states can take advantage of the tax increases of their neighbors to lure businesses out of high-tax states.

To some extent, tax-induced economic distortions are a fact of life, but policymakers should strive to maximize the occasions when businesses and individuals are guided by business principles and minimize those cases where economic decisions are influenced, micromanaged, or even dictated by a tax system. The more riddled a tax system is with politically motivated preferences, the less likely it is that business decisions will be made in response to market forces. The Index rewards those states that minimize tax-induced economic distortions. Ranking the competitiveness of 50 very different tax systems presents many challenges, especially when a state dispenses with a major tax entirely. Should Indiana’s tax system, which includes three relatively neutral taxes on sales, individual income, and corporate income, be considered more or less competitive than Alaska’s tax system, which includes a particularly burdensome corporate income tax but no statewide tax on individual income or sales? The Indexdeals with such questions by comparing the states on more than 100 variables in the five major areas of taxation (corporate taxes, individual income taxes, sales taxes, unemployment insurance taxes, and property taxes) and then adding the results to yield a final, overall ranking. This approach rewards states on particularly strong aspects of their tax systems (or penalizes them on particularly weak aspects), while also measuring the general competitiveness of their overall tax systems. The result is a score that can be compared to other states’ scores. Ultimately, both Alaska and Indiana score well.

Media Assets Folder: Download map, state-specifc press releases, full study & more here


[1] See, e.g., U.S. Department of Labor, Extended Mass Layoffs, First Quarter 2013, Table 10, May 13, 2013.

[2] Kyle Pomerleau, Corporate Income Tax Rates Around the World, 2014, Tax Foundation Fiscal Fact No. 436, Aug. 20, 2014.

[3] Editorial, Scale it back, Governor, Chicago Tribune, Mar. 23, 2007.

[4] Ryan Randazzo, Edythe Jenson, and Mary Jo Pitzl, Chandler getting new $5 billion Intel facility, AZ Central, Mar. 6, 2013.

[5] Dana Hedgpeth & Rosalind Helderman, Northrop Grumman decides to move headquarters to Northern Virginia, The Washington Post, Apr. 27, 2010.

[6] Susan Haigh, Connecticut House Speaker: Tax “mistakes” made in budget, Associated Press, Nov. 5, 2015.

[7] Austin Mondine, Dell cuts North Carolina plant despite $280m sweetener, The Register, Oct. 8, 2009.

[8] Dennis Cauchon, Business Incentives Lose Luster for States, USA Today, Aug. 22, 2007.

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