A recent study published by Area Development magazine listed the State of Tennessee as the third-best state in the nation to do business in overall. Additional rankings of note place Tennessee No. 2 in energy availability and costs, No. 2 cooperative and responsive state government, No. 3 overall cost of doing business, and No. 3 water availability! These accolades should come as no surprise considering that, among other attractive features, Tennessee has no personal income tax and boasts some of the country's lowest state and local tax rates.