Fourth-best: Wyoming
Home to Yellowstone National Park and Grand Teton National Park, Wyoming also boasts no tax on personal income, individual capital gains, corporate income, corporate capital gains or estates.

It also has the lowest electric utility costs, and very low gas and diesel taxes, according to the SBE Council.

On the other hand, Wyoming has high property, consumption-based and unemployment rates, as well as high workers' compensation costs.

Wyoming's new governor, Republican Matt Mead, owns farming and ranch operations in the state and is considered likely to make job and small-business measures a priority while in office.

If you liked this article you might like

The 10 Best Jobs in America for 2016

20 Best Colleges for Campus Food

10 Consumer Stocks With the Highest Earnings Growth Last Quarter

5 Stocks Dumped by Hedge Funds Last Quarter

15 Most Lucrative Jobs in the Tech Industry