Colorado ranks No. 18 in overall business tax climate, according to a report Tuesday.

The annual report, "State Business Tax Climate Index," is prepared by The Tax Foundation, a Washington D.C. tax policy research organization founded in 1937.

The ranking takes into account corporate taxes, individual income taxes, sales taxes, unemployment insurance taxes and property taxes.

The rank is meant to look at each state's tax structure, not the tax burden. The idea, its authors say, is to show that states with transparent, less complicated tax codes, rank higher in business tax climate.

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