A favorable tax-advantaged climate is yet another reason why Tampa and Hillsborough County are a great place to do business. Florida consistently ranks as one of the top 10 most tax-friendly states.
In addition to zero personal income tax as guaranteed through constitutional provisions, Florida has one of the lowest income tax rates in the country, with no corporate income tax on limited partnership or on subchapter S-corporations.
There is no corporate franchise tax on capital stock, nor are there state-level property tax assessed. There is no property tax on business inventories or on goods-in-transit for up to 180 days. There is no sales and use tax on goods manufactured or produced in Florida for export outside of the state.
Florida also offers sales and use tax exemptions on machinery and equipment used by new or expanding Florida business to manufacture or process tangible personal property for sale, as well as electricity used in the manufacturing process. There are sales and use tax exemptions on machinery and equipment mainly used in research and development, as well as on production companies engaged in Florida in the making of motion pictures, made-for-television motion pictures, TV series, commercial music videos, or sound recordings.
These tax advantages really just scrape the surface of what is available to businesses currently located in Florida as well as those looking to relocate or expand here.
The Business Development team at the Tampa Hillsborough EDC is available to help you navigate the current tax advantages in Tampa and Hillsborough County.