I have seen this before and it seems fishy, so I did a little Googling and found out that it's partly a hoax.
http://www.sq.4mg.com/IQstates.htm
The actual ranking based on SAT & ACT scores:
104 IQ New Hampshire
103 IQ Oregon, Massachusetts, Wisconsin
102 IQ Colorado, Connecticut, Illinois, Iowa, Kansas, Minnesota, Montana, Nebraska, North Dakota, Oklahoma, Vermont, Washington
101 IQ Alaska, Maryland, Michigan, Missouri, New York, Ohio, Utah, Wyoming
100 IQ Arizona, California, Idaho, Maine, Nevada, New Jersey, Pennsylvania, Rhode Island, South Dakota, Virginia, West Virginia
99 IQ Delaware, Hawaii, Indiana
98 IQ Florida, Arkansas
97 IQ Alabama, Georgia, Kentucky, Louisiana, North Carolina, Tennessee, Texas
96 IQ New Mexico
95 IQ District of Columbia
94 IQ Mississippi, South Carolina
The numbers still correlate but not quite so well... better to income:
http://www.sq.4mg.com/stateIQ-income.htm