New Jersey places dead last in list of business friendly states

New Jersey often plays second fiddle to neighboring New York, but a new survey of the 50 U.S. states shows the Garden State bested New York in having the least favorable tax climate for business.

It's the second consecutive year New Jersey has finished dead last, according to the 2010 State Business Tax Climate Index released this week.

How does New Jersey do it? In addition to having the country's highest property taxes and among the highest individual and corporate income taxes, New Jersey implemented a number of new taxes this year that hurt its overall score, said the nonprofit Tax Foundation, a tax research group that has prepared the report since 2003.