There has been a lot of movement in the United States over the last few years. According to the Census, domestic migration has increased in many counties since 2021. Residents relocate for a variety of reasons. Typically, the cost of living ranks as one of the top motivations for moving. Lower taxes can be a big factor when it comes to making a move, and there are a handful of US states with no income taxes. Read on to learn more about the states with no income taxes:
- Alaska: The 49th state is a unique place to live. With more than 3000 rivers, millions of lakes, and 17 of North America’s tallest mountains, to live in Alaska is to live among abundant natural wonders. There are great cities in Alaska with burgeoning businesses too. Some popular Alaskan industries include oil and gas, fishing, frozen foods, pharmacy, agriculture, and travel. Alaska has no income tax and no sales tax. There’s also a Permanent Fund Dividend Program that pays full-time residents a yearly sum. Given all these benefits, the Land of the Midnight Sun could be a fine place to relocate—if you don’t mind a little snow.
- Florida: Florida boasts sunny skies and warmth, offering plenty of opportunities for outdoor fun in the Sunshine State. While some of Florida’s major cities, like Miami, can be expensive, other cities like Jacksonville have a low cost of living. With one of the nation’s largest gross domestic products, Florida is a great place to work. Some industries there include aviation, IT, manufacturing, and tourism. Florida isn’t just for retirees; tax benefits such as no income tax, no retirement income tax, and no estate or inheritance tax are solid benefits for residents of all ages.
- Nevada: Vegas isn’t the only place to live in the Silver State, and Nevada’s not just desert living; there’s Lake Tahoe, Red Rock Canyon, and Reno too. Pro sports and entertainment of all kinds have made Nevada an exciting place to live. Living in Nevada also means no income taxes. Added bonus: the state also has some of the lowest real estate taxes in the nation.
- South Dakota: Nestled in between Wyoming and Minnesota, The Mount Rushmore State attracts plenty of tourists each year to sites such as the Badlands and Crazy Horse. For those who live there, South Dakota’s vast landscapes and laid-back Midwestern lifestyle are appealing. There are also financial benefits to living here: its booming job market and its non-existent income tax.
- Tennessee: The Volunteer State is not just known for Nashville’s music scene. The beauty of the Great Smoky Mountains, the allure of Graceland, and the fun to be had all over Tennessee make it a great place to live. Tennessee also happens to be home to some great universities like Vanderbilt, University of Tennessee, and Belmont. Additionally, there’s no state income tax; Tennessee property taxes tend to be low as well.
- Texas: The great state of Texas has a thriving economy that continues to see steady growth. A great combination of industry leaders, new startups, and relocated businesses combine to make Texas a dynamic place to live and work. No income tax, a low cost of living, and affordable housing are all great financial benefits of living in the Lone Star State. One particular Texas town, Fairview, boasts big homes on spacious lots, beautiful open spaces, rolling hills, and creeks throughout. Tremendous growth around the Dallas/Fort Worth Metroplex is likely linked to the region’s desirable balance of small town living and big city amenities. In addition to having no state income tax, Texas offers many business incentives for franchise relocation, renewable energy, research and development, and more.
- Washington: If you don’t mind a rainy day—or two or three—The Evergreen State might be right for you. There are plenty of big businesses based in the Pacific Northwest including Amazon, Boeing, Costco, Microsoft, Nordstrom, and Starbucks. Home prices can lean toward the high side in this region, but having no income tax can help to offset that. Nota bene: Washington state does collect taxes on the capital gains of high earners.
- Wyoming: The Equality State, with its abundance of natural wonders, is absolutely gorgeous. While it is home to Yellowstone National Park, this state also has some small cities with bustling downtowns and affordable places to live. Wyoming—a state with no income tax—also has some of the lowest taxes in the US.
- New Hampshire: If you are skier or a hiker, The Granite State could be a great place to live. New England towns offer charm like nowhere else in the US. While New Hampshire has no income tax, there is a 5% tax on interest and dividends earned in the state. And while this state has no sales tax, it does tend to have higher property tax rates.
While many of these states with no income have great benefits to offer, there’s no place like Texas. The town of Fairview’s business friendly environment offers both small businesses and major corporations the personal connections needed to help your company succeed and grow. Learn more about living in Texas, and discover an ideal place to live and work.