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 2018 >>>

State Tax Comparison 2017>>>

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

Municipality Tax Millage Rates 2017>>>

For more information contact:

Judy Fancher
Administrative Assistant
Economic Development & Research

Phone: 561.835.1008 Ext. 4112
jfancher@bdb.org

 

Investors

Aerojet Rocketdyne Bank of America Baptist Health South Florida BB&T Caler, Donten, Levine, Cohen, Porter & Veil, P.A.
CareerSource Centennial Bank DePuy Synthes Power Tools, a Johnson & Johnson Company Engel & Volkers Palm Beach Equestrian Center
Florida Crystals Corporation FPL Greenberg Traurig Gunster Hardrives, Inc.
HCA Palm Beach Hospitals Hedrick Brothers Construction J.C. White JP Morgan Chase LRP Publications
MBAF Minto Communities, LLC NCCI NextGen Mgmt dba DxWeb Management, LLC Nova Southeastern University
Palm Beach Aggregates, LLC Palm Beach County Board of County Commissioners Palm Beach Park of Commerce PNC Bank Pratt & Whitney (A United Technologies Company)
Raymond James Financial Services/Boynton Financial Group, Inc. RSM South Florida Business & Wealth Magazine South Florida Business Journal TD Bank
Tortoise Properties Wells Fargo & Company Wexford Capital