A new study found South Carolina is the No. 24 least tax-friendly state to start a small business. Simplify LLC used 2023 data from the U.S. Department of Labor, Tax Foundation, and Federation of Tax Administrators to create the list of the Most Tax-Friendly States to Start a Small Business.
Here is how South Carolina ranked in each of the five tax categories analyzed:
- Corporate tax: No. 16 (5%)
- Personal Income Tax: No. 36 (6.4%)
- Property Tax: No. 18 ($1,380)
- Sales Tax: No. 25 (6%)
- Unemployment Tax: No. 1 (5.4%)
The 10 most tax-friendly states are Nevada, South Dakota, Washington, Wyoming, Texas, North Carolina, Florida, Missouri, Ohio, and Alabama.
You can see the full list here.
