The Tax Foundation has released the third edition of the State Business Tax Climate Index, which ranks the 50 states on how "business friendly" their tax systems are.

"States do not enact tax changes in a vacuum," said President Scott A. Hodge, co-author of the study. "Every tax change will affect a state’s competitive position relative to its neighbors, as well as globally."

The most business-friendly tax systems are in Wyoming, South Dakota, Alaska, Florida, Nevada, New Hampshire, Texas, Delaware, Montana and Oregon. The least business-friendly tax codes are in New York, New Jersey, Rhode Island, Ohio, Vermont, Maine, Kentucky, Nebraska, Iowa and Arkansas.

Click here to read the news release. Click here to read the full study.