When we think of “tax havens,” we usually think of something offshore – something a bit mysterious with a few loopholes enabling investors to avoid tax payments.

Turns out we have tax havens right in our own U.S. backyard; CNN Money.com recently featured an article that called attention to five states that have low taxes, and in some cases, no tax: South Dakota, Montana, Texas, Tennessee and Utah.

All five states are a bit different. In South Dakota, for example, there is no corporate or income tax, and the state does not levy a “gross receipts” business tax on revenue. Texas does not maintain a corporate income tax, but it does have a “gross receipts” or “franchise” tax. Businesses are charged 0.5 percent of revenues if they are in retail, and 1 percent of revenues for non-retail businesses.

However, in Texas, small businesses are exempt from the franchise tax. And, according to the article, the Texas Legislature wants to help companies through the recession by raising the revenue exemption level to $1 million, up from $300,000. The change will take effect January 2010.

Read the article for information on all five states.