In the past few years, South Dakota has promoted itself as a great place to do business. Their claims seem to be supported by several studies that place South Dakota high in their rankings.
For example, South Dakota was ranked No. 1 by the Tax Foundation (2005) and No. 3 by Pollina Corporate Real Estate (2005) for having the best state business tax climate. Additionally, the Small Business Survival Foundation (2004) also ranked South Dakota the most entrepereneurial friendly state in the union.
So, how does South Dakota stack up in comparison to other popular business-friendly states in terms of corporate income tax, personal income tax, and personal property tax:
Corporate Income Tax
South Dakota: None
Personal Income Tax (for married personal filing jointly)
South Dakota: $0
Delaware: Based on income levels, ranges from 2.2% – 5.95%
Personal Property Tax
South Dakota: Exempt
To find out more about incorporating your business in South Dakota, visit us at IncPardise.com or call at 888-284-3821