Taxes

Palm Beach County’s corporate tax rate: 5.5%

Florida has:

  • 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.

Florida offers Sales and Use Tax Exemptions on:

  • 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.
  • Electricity 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 predominantly 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.

Local Taxes

  • Ad Valorem Tax Exemption -- Yes
  • County/City Income Tax -- No
  • Retail Sales Tax (local option) -- 1.5%
  • Tourist Tax -- 5% on accommodation rental of 6 months or less
  • Gasoline Tax -- 15 cents a gallon

State Tax Comparison>>>

Ad Valorem Taxes - Countywide & Dependent Taxing Districts>>>

Municipality Tax Millage Rates 2012>>>

For more information contact:

Judy Fancher
Administrative Assistant
Economic Development & Research

Phone: 561.835.1008 Ext. 4112
jfancher@bdb.org

 

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