Taxes
Florida’s tax climate provides stable and highly favorable advantages that make it a profitable location for every type of business
- 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 and use tax on co-generation of electricity
Our Pro-Business Tax Code
0 – 5.5% Corporate Tax Rate
Florida is one of only several states with a 0% state income tax on businesses other than C Corporations. And even for these business entities, the tax rates are low. The maximum corporate tax rate on federal taxable income is 5.5%.
0% Personal Income Tax
12.7168 Avg. Millage Rate
Sarasota County specifically has one of the lower millage rates in the state at 12.7168 (2024). This includes the 1 mill for public schools—which consistently drives the success of our public school district. Comparatively, 56 of the 67 counties in Florida have a higher millage, bringing the state average to 15.44.
No Estate Tax and Inheritance Tax
7% Sales and Use Tax
Manufacturers
Tax-Free Electricity
Charges for electricity used directly and exclusively at a fixed location to operate machinery and equipment that is used to manufacture, process, compound, or produce items of tangible personal property for sale, or to operate pollution control equipment, recycling equipment, maintenance equipment, or monitoring or control equipment used in such operations, may be exempt from the sales tax. If 75 percent or more of the electricity or steam used at the fixed location is used to operate qualifying machinery or equipment, 100 percent of the sales tax on the charges for electricity or steam used at the fixed location is exempt. If less than 75 percent but 50 percent or more of the electricity or steam used at the fixed location is used to operate qualifying machinery or equipment, 50 percent of the sales tax on the charges for electricity or steam used at the fixed location is exempt.
No Machinery State Sales Tax
An exemption from Florida state sales and use tax applies to:
- New Manufacturers – In order to qualify for the new business exemption, the machinery and equipment must have been purchased, or a purchase agreement made, prior to the date the business first begins to produce a product for inventory or immediate sale. Purchased machinery and equipment must be received within twelve months of the date that production began.
- Expanding Manufacturers – Industrial machinery and equipment is exempt from tax when purchased by an expanding business.
