Palm Beach County’s corporate tax rate: 5.5%
- 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.
- 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
For more information contact:
Economic Development & Research
Phone: 561.835.1008 Ext. 4112