Florida Tax Benefits

Florida's stable and highly favorable tax climate provides advantages that make our state profitable for every type of business. Progressive legislation also ensures that Florida remains a worldwide hub for new and expanding businesses and by also offering Florida business incentives.

 

Florida Tax Advantages

 

  • NO corporate income tax on limited partnerships
  • NO corporate income tax on subchapter S-corporations
  • NO state personal income tax guaranteed by constitutional provision
  • NO corporate franchise tax on capital stock
  • NO state-level property tax assessed
  • NO property tax on business inventories
  • NO property tax on goods-in-transit for up to 180 days
  • NO sales and use tax on goods manufactured or produced in Florida for export outside the state
  • NO sales tax on purchases of raw materials incorporated in a final product for resale, including non-reusable containers or packaging
  • NO sales/use tax on co-generation of electricity

 

 

Sales and Use Tax Exemptions

 

  • Machinery and equipment used by a new or expanding Florida business to manufacture, produce or process tangible personal property for sale.
  • Labor, parts and materials used in repair of and incorporated into machinery and equipment
  • Electricitiy used in the manufacturing process
  • Certain boiler fuels (including natural gas) used in the manufacturing process
  • Semiconductor, defense and space technology-based industry transactions involving manufacturing equipment.
  • Machinery and equipment used predominately in research and development
  • Labor component of research and development expenditures
  • Commercial space activity - launch vehicles, payloads and fuel, machinery and equipment for production of items used exclusively at Spaceport Florida.
  • Aircraft parts, modification, maintenance and repair, sale or lease of qualified aircraft.
  • Production companies engaged in Florida in the production of motion pictures, made for television motion pictures, television series, commercial music videos or sound recordings.

 

State Taxes
Local Taxes
(Ad Valorem Millage Rate 2013)
State Corporate Income........Tax 5.5%
Personal Income........Tax 0.0%
Retail Sales........Tax 6.0%
Government........5.8668
Schools........7.2780
Other Districts........3.1412

 

How Florida Compares
State Taxes
FL

GA

NY
NC
CA

Corporate Tax Rate (2013)

Individual Income Tax Rate (2013)

Per Capita State Tax (2011)

5.5%

None

$1,718

6.0%

1-6%

$1,639

7.1%

4-8.82%

$3,497

6.9%

6-7.75%

$2,332

8.84%

1-13.3%

$3,111

Source: Tax Foundation, www.taxfoundation.org

 

Tax and Fee Structure
Information On Rates and Structure
Municipal Taxes - Real Property.......................................Real, personal, ad valorem at 5.8668(millage)
Municipal Taxes - Business Property................................Real, personal, ad valorem at 5.8668 (millage)
County Taxes - Real Property......................................................Average all County Districts: 17.1008
State Corporate Taxes..............................................................................................................None
Inventory Tax...........................................................................................................................None
Unemployment Insurance.................................................New Employers: 2.7% Maximum Rate: 5.4%
Sales & Use Taxe........................................................................................................................6%