As governor of South Dakota, I have made economic development one of my top priorities, and I'm proud to say that our efforts are paying off.
While we have long strived to make our state the best place to do business, prominent groups across the country are beginning to notice.
In April, the U.S. Chamber of Commerce named South Dakota number one for its business climate. Also, the Small Business and Entrepreneurship Council recently ranked South Dakota number one in business policies and entrepreneurial friendliness. We're also in their top spot for small business survival. Our low debt, well-funded pension, and lack of expensive state-funded programs lands us at the top of Barron's Best Run States in America as well.
South Dakota has a long history of stability and balanced budgets. In fact, the South Dakota Legislature has balanced our state's budget every year since we became a state in 1889. We don't do it with accounting gimmicks, either. We don't push one year's expense into the next. We don't use one-time windfalls to fund ongoing expenses. We never issue general obligation bonds. And we don't raise taxes. In turn, businesses have found that our stability and history of fiscal responsibility, coupled with our stellar tax climate and reasonable regulations, have created an ideal ground for business success.
In South Dakota, we have no corporate income tax, no personal income tax, no business inventory tax, no personal property tax, and no inheritance tax. This puts more money in the pockets of our businesses and citizens, creating a more favorable environment for growth.
Additionally, we work hard to ensure that our regulations and laws are reasonable. From firearms to financial services, eliminating red tape has served as a cornerstone of our pro-business climate for decades.