Finance

Northwest Florida is pro-business. Taxes are low. A rare spirit of government and business cooperation has created a favorable tax structure that allows business to flourish.

Our combined state and local debt is generally small, reflecting a long-standing fiscal conservatism. Our corporate income tax rate of 5.5 percent is one of the lowest in the country. Many industry taxes have been eliminated. There are many other reasons why businesses are moving to Northwest Florida:

• No corporate income tax on subchapter S-Corporations.
• No corporate tax on limited partnerships.
• The first $5,000 of taxable income apportioned to Florida is exempt.
• No state personal income tax guaranteed by constitutional provision.
• No state-level property tax; assessed at the county level. Exemptions of up to ten years may be granted locally to new or expanding Florida businesses.
• 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 the state 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.
• Sales tax exemption on labor component of Research and Development expenditures.
• Foreign source dividends are deleted from the corporate income tax base.

Other financial incentives are available through Enterprise Florida's Capital Programs.

These incentives stimulate capital availability for the formation, growth and development of investment.

Northwest Florida has a strong commitment to business, because when business prospers, everyone benefits.